Chinese Premier Wen Jiabao Calling for a Stable Energy Supply System

Source:CRI Published: 2012-1-17 9:14:14

Chinese Premier Wen Jiabao is calling for a stable energy supply system to help solve the problems the world faces in the energy sector.

Wen Jiaobao made the suggestion at the opening of the 5th World Future Energy Summit in Abu Dhabi.

Shen Chengcheng has more.

Wen Jiaobao is the first Chinese official to have attended the summit.

When addressing the opening ceremony of the summit, Chinese Premier Wen Jiabao pointed out that energy prices would fluctuate due to a number of factors, including the international monetary system, monopoly, and geopolitics.

Wen Jiaobao says the fluctuation would further contribute to an already unstable world economy.

He calls for an energy supply system that will help stabilize the world energy market.

"In order to stabilize the oil and gas market, we could consider setting up a regulating system for the global energy market. The system should be under the framework of the G20, and it should include energy suppliers, consumers, and transporting countries. "

Wen Jiaobao says the system should serve as a platform for dialogue and consultation.

Countries under the system should draft regulations designed to guide the practice in the global energy market.

At the same time, the Chinese premier says the mechanism should also be able to issue early warnings, adjust prices, and monitor financial performance.

In the meantime, Wen Jiaobao says countries in Western Asia and Northern Africa are vital for the development of world energy.

Wen Jiaobao says the region has more than 50 percent of the world oil reserves and 40 percent of the natural gas reserves.

"China always respects the choice of people in Western Asian and Northern African countries. We always support their ways of economic development by making use of their rich energy reserves. As a permanent member in the UN Security Council and a responsible country, China will promote the peace, stability and development of the region."

The four-day summit is part of Wen Jiaobao's official visit to the United Arab Emirates. 

This year's Energy Summit is set to assess the challenges faced amid the development of renewable energy in the future.

Wen Jiabao is currently on a trip to the Gulf countries, which will also take him to Qatar.

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