Where does China get petroleum from. I know they don’t have their own only coal.
“Where does China get petroleum from?”
Mainly the Middle East. China is heavily dependent on imports of oil, gas, raw materials and even food.
Excluding the United States, they run a net trade deficit with the rest of the world, because of those imports.
They are tightening their belts, and cutting imports as their exports slow, to maintain a large positive trade balance.
They need to keep hard currency cash flow, because their economy is indebted to the hilt. More than half of their industrial companies (their so-called “Zombie factories” - dead but still moving) are at high risk of being able to pay even the interest on their loans, according to McKinsey & Co (chrome-extension://oemmndcbldboiebfnladdacbdfmadadm/https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/Signs%20of%20stress%20Is%20Asia%20heading%20toward%20a%20debt%20crisis/Signs-of-stress-Is-Asia-heading-toward-a-debt-crisis.ashx - you must cut and paste the whole web address to see this .pdf, just clicking the link part won’t work).
We need to stampede our supply chain out of that mess, before the bubble bursts. I am guessing that after the election, we will kick the last struts outs, and watch that Potemkin Village of an economy go down in flames.