Published on: 2026-10-30
Source: People’s Republic of China — Translation
An important disclaimer is at the bottom of this article.
As of autumn 2026, the world still faces energy and geopolitical upheavals. The conflict in the Middle East undermines energy supplies; in Europe and the USA, diesel fuel prices have reached a historic high—around 220 USD per barrel; social unrest has erupted in France and several European countries. Meanwhile, the daily life of Chinese citizens remains generally stable: during the seven-day holiday for the National Day of the PRC, the volume of interregional trips across the country reached 2.144 billion person-trips; accounting for two holidays (National Day of the PRC and Mid-Autumn Festival) the total number of trips amounted to nearly 2.8 billion; in September, the consumer price index rose by only 0.9% year-on-year, and food prices decreased by 1.7%.
This does not mean that the crisis did not affect China; the country created a protective buffer in advance to minimize risks and preserve the well-being of its population. As a major importer of crude oil, China inevitably feels the fluctuations of the international market. In the second quarter, the average crude oil import volume was about 8.1 million barrels per day, and in May and June it dropped below 8 million barrels per day — the lowest level since 2016. In the second quarter, crude oil imports decreased by 32% compared to the previous quarter. However, there was no shortage of petroleum products in the domestic market. According to industry experts, a sufficient volume of strategic oil and petroleum product reserves allowed the formation of a buffer at the initial stage of the crisis. In the food sector, the summer grain harvest in 2026 exceeded 150 million tons for the first time; the daily capacities for emergency processing and supplies of grain and vegetable oil each exceed 1.8 million tons — this is enough to maintain market stability.
The resilience of production chains has helped to gradually smooth out the impact of external price growth at each stage. In September, the added value of industrial enterprises exceeding the established scale increased by 5.5% year-on-year; for the first three quarters, the growth was 5.3%; in manufacturing, the increase reached 6.0%, and in the production of electronic equipment — 16.4%. Price pressure does exist at the upper links of the chain: in September, the purchase prices of industrial producers rose by 6.9% year-on-year. However, in oil refining and petrochemicals, thanks to profit compression, regulation of capacity utilization rates, and coordination with measures to control prices of petroleum products, retail price growth for final petroleum products was held at 16.6% year-on-year. This made it possible to minimize the impact on the population and enterprises.
Diversification of energy supply has created the basis for a protective buffer. In September, the output of nuclear, wind, and solar energy increased by 21.5%, 10.6%, and 19.5% year-on-year, respectively. As of the end of August, the installed capacity of photovoltaic generation exceeded coal for the first time in history and became the largest source of electricity. When prices fluctuate for one type of energy carrier, other types of energy can promptly compensate the balance.
Coordination by the government and the provision of public services also played an indispensable role. Ahead of the peak summer season, a high proportion of medium- and long-term contracts for the supply of thermal coal, electricity, and natural gas were concluded and fulfilled. This summer, the national energy consumption load set a historical record three times — the peak value reached 1.553 billion kW. Coal reserves at centralized regulation power plants were maintained at a level sufficient for more than 30 days of use, no province implemented rolling blackouts, and no area initiated an orderly electricity consumption mode. During the National Holiday, when 2.144 billion trips were made, public security, transportation, meteorological services, and other departments acted in coordination: more than 90% of private car trips proceeded without difficulties, and the number of trips in new-energy vehicles increased by 1.8 times compared to usual levels. On the first day of the holiday, the peak flow on expressways reached 71 million vehicles.
Global upheavals will not disappear overnight, and China cannot remain aloof from global challenges. China is building comprehensive protection: through sufficient reserves, resilient supply chains, and effective coordination, the country seeks to prevent external shocks from impacting sensitive areas for ordinary people — the cost of food, fuel, and the ability to travel. 2.144 billion person-trips reflect people’s expectations for a stable life, as well as China’s calm confidence and readiness to face uncertainty together with the world.
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