President Xi Jinping and other G20 leaders wave during a group photo of G20 leaders and representatives of partner groups at the annual G20 summit in Brisbane, Australia. Xi said China will provide the world with greater opportunities for growth and investment. REUTERS

Voluntary meeting of international standards will help stabilize prices

China has committed itself to more rigorous international standards by promising to release its oil reserves in a more comprehensive and timely manner.

President Xi Jinping made the announcement while attending the G20 summit in Brisbane, Australia, on Sunday.

Xi also said China would contribute to global infrastructure by building the Silk Road Economic Belt, 21st Century Maritime Silk Road, Asian Infrastructure Investment Bank and Silk Road Fund.

Since it is not a member of the International Energy Agency or the Organization for Economic Cooperation and Development, China is not obligated to publish its oil reserves, but the decision to update the numbers on a regular basis has shown the country's willingness to take responsibility as a big nation, said Han Xiaoping, chief information officer of Beijing-based China Energy Net Consulting.

China's publishing of its reserves will help to secure the world's oil supply and stabilize international crude prices, Han said.

China is the world's second-largest oil consumer after the United States, and the inventory of major consumers has significant impact on international oil futures.

Based on daily consumption, it is reasonable for China to have oil reserves of at least 100 million metric tons, Han said, adding that the oil reserve data to be published refers to strategic reserves, which exclude commercial inventories of State-owned energy firms.

Lin Boqiang, director of the China Center for Energy Economics Research with Xiamen University, said the move is a strong indication that China might become a member of the IEA in the near future, as the IEA has been requiring its members to publish oil reserve data and has been calling on China to do so.

In a keynote speech, Xi told G20 members that China will provide the world with greater demand and will create more market, investment and growth opportunities.

China's increase in annual output is equivalent to the economy of a medium-sized developed country, he said.

China supports the G20 establishing a global infrastructure hub, and it supports the World Bank establishing a global infrastructure fund, Xi said.

Xu Hongcai, a senior economist at the China Center for International Economic Cooperation, said China's efforts to establish various institutions to support infrastructure financing is a fulfillment of the promise made at the 2012 APEC forum in Russia.

"The APEC meeting in Russia set a goal to establish a ‘long-term financing mechanism for infrastructure'. The initiatives not only benefit China, but also the world, as the world economy badly needs a new driver," he said.

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Du Juan contributed to this story.