Remind me please, cars and ships and aircrafts and tanks and trucks today are using oil or coal?
Without sufficient domestic capability to turn coal into oil China simply isn't safe enough from oil embargo(blockade, even with all the coal in the world.
Better relations with KSA ( yeah right, if there's US puppet... ), Iran ( and what did China ever did for Iran, they blocked the sanctions against them in UNSC? ) and Russia? OK with Russia, but how to transport that oil? Can Russian supply satisfy Chinese demands? About Iran and Saudis, even if that's the case, what to do when US parks it's aircraft carrier in Strait of Malacca? You think that tankers from KSA or Iran shall be able to dive under?
Allright, the West will have an inflation, that's sure, but what about China? When Chinese cars, ships, aircrafts, trucks dont drive/sail/fly, when factories stop working? When employees get fired because there's no job for them?