China’s craze for crude is part of a grander plan. Since early 2024, when it became clear that President Donald Trump might return to the White House,
fuel, food and metals to limit exposure to sanctions and tariffs. Those measures accelerated, and broadened, after Mr Trump slapped high duties on Chinese goods in the spring. And they are continuing apace as the countries’ leaders prepare to meet on October 30th.
Chinese officials, therefore, are discreetly pulling three levers to reduce these vulnerabilities. They are boosting domestic production, building stockpiles and diversifying imports.
