China looks to energy price reform to unlock gas supply, cut waste

SHANGHAI (Reuters) - China is set to accelerate energy price reforms to encourage competition, boost oil and gas supply and reduce inefficient fuel consumption in a country that two months ago became the world's largest net oil importer.

China, which already imports about 60 percent of its crude oil consumption, is expected to see its crude import bill alone reach half a trillion dollars a year by 2020. To prevent further runaway rises in fuel costs, Beijing has vowed to allow a greater role for market forces to govern consumption.