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al proven reserves of coal, oil and natural gas in China are only 13.9%, 1.2% and 1.3% respectively of the world’s total and if measured on per capita basis, China has only 50% of the world average coal reserves and 1/15 of the world average oil and gas reserves.

Before 1993, China was a net oil exporter but by 2012, it consumed 495 million tons of oil, of which over 59% was imported (Figure 13). If such a trend continues, China will need to consume over 600 million tons of oil by 2020 and by 2030, over 80% of the country’s oil supply will need to be imported. Although China may develop more advanced oil exploitation and drilling technologies and diversify its oil supply towards more secured sources, like Brazil, Russia and Australia, such high dependency on external supply inevitably exposes China to a serious energy security problem. If accompanied by the fluctuations of international oil price, China will have to pay a large bill for its everincreasing energy consumption.

Secondly, China has suffered and will continue to suffer more and more pollution which can lead to a serious and potentially devastating health problem to its population. In 1990, China accounted for only 10% of the world’s total CO2 emission (Figure 14). By 2005, it surpassed the US to become the world’s largest CO2 emitter for the first time. Since then, the country constantly contributes to over 20% of the world’s total CO2 emissions, peaking at almost 29% in 2011. It has been projected that if China’s carbon intensity keeps pace with a GDP growth of 7%, by 2030, the country would emit as much as the world total today.9 While the rest of the world is trying hard to reduce carbon emission, surging CO2 emission has put China under increased global scrutiny.
China’s heavy coal use has also impacted badly on people’s living condition. The country saw a sharp rise in the number of people suffering respiratory illnesses caused by air particulates. A recent “National Environmental Analysis” report points out that among the most heavily polluted cities in the world, China accounts for seven out of the top ten.10 All these problems explain why China has set up a series of policies and regulations to improve energy efficiency, to reduce environmental pollution, and to stimulate the development of renewable energies. Further Reform of Financial Sector Despite negatively influenced by the depressed international economic environment and the worsening European debt crisis, the Chinese banking sector has displayed outstanding performance in recent years. In 2012, total profits of Chinese banks were 1.24 trillion RMB, up by 194 billion RMB from a year earlier.11 Now they jointly contribute nearly one-third (29.3%) of the total global profits. If measured by market capitalisation, in 2012, among the world’s top five banks with the largest market capitalisation, China occupied three positions.

The largest state-owned commercial bank of China, the Industrial and Commercial Bank of China (ICBC) has become the largest bank in the world in the last five years. By the end of 2012, its market capitalization was $236.4 billion. It generated 238.7 billion RMB of net profits in 2012, rising by 14.5% from the previous year. It attracted a deposit balance of 15 trillion RMB with its fixed assets valued at 17.5 trillion RMB.

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