China to set new records in crude oil production in 2025: data

China's crude oil production is expected to reach a historic high of 215 million tons in 2025, according to the latest data released by the National Energy Administration on Tuesday.

During the 14th Five-Year Plan period (2021-2025), China has added a total of 105 million tons of new crude oil capacity, with offshore oil emerging as a key growth driver, accounting for over 60 percent of the country's new oil output for five consecutive years, according to the data.

Meanwhile, China has maintained nine years of consecutive growth in natural gas, with production continuing to expand by hundreds of millions of cubic meters annually. The country remains the world's fourth-largest natural gas producer, with a sustained position of strength, the National Energy Administration said.

By the end of 2025, China's natural gas output is projected to reach 260 billion cubic meters, representing a 35 percent increase from the end of the 13th Five-Year Plan period (2016-2020), according to the data.

During the 14th Five-Year Plan period, China also saw the addition of 10 super-large oil fields, each with reserves exceeding 100 million tons, and 19 giant gas fields with proven reserves over 100 billion cubic meters. Total proven geological reserves in the country have increased by approximately 43 percent for oil and 40 percent for natural gas compared to the previous Five-Year Plan period, with additional proven reserves of 7 billion tons of oil and over 7 trillion cubic meters of natural gas.

By far, China's oil and gas pipeline network has expanded to 195,000 kilometers, accelerating the formation of a national pipeline network.

"During the 14th Five-Year Plan period, China's investment and workload in oil and gas exploration and development have remained at historically high levels. A continuous emergence of scientific and technological innovation achievements has led the oil and gas industry into a new stage of both increased volume and efficiency as well as green development. A modern oil and gas production, supply, storage and sales system that is safer, more efficient, open and resilient has been established, providing a solid guarantee for national energy security and the steady development of the economy and society," said Hu Jianwu, deputy director of the Department of Petroleum and Natural Gas under the National Energy Administration.

China to set new records in crude oil production in 2025: data

China's vast market offers irresistible appeal, and its dynamic innovation capabilities are increasingly driving global progress, according to an executive from ZAP Surgical, a U.S. medical technology company.

The company's Chinese partner, Baheal Medical Group, just inaugurated a high-end pharmaceutical manufacturing base in Langfang City of north China's Hebei Province on Saturday, which will produce the U.S. company's advanced brain tumor radiotherapy systems for global sales.

In an interview with China Global Television Network (CGTN), John Adler, founder and CEO of ZAP Surgical, expressed his confidence in investing in China.

"At first, we were very much attracted by the sheer size of the Chinese market. The number of patients would benefit from the technology we made. But then, as we started looking into what it would mean to manufacture, we realized how much we could lower the cost of goods and lower the cost of our device. And since we want to sell around the world, we were much better positioned to do that with a lower cost of device. Meanwhile, it's undeniable that China is an innovation tiger. It is, I think, crossing a threshold of just following the innovation of other countries, the United States in particular, to being an innovation giant itself. And so throughout all the life sciences, we've seen enormous growth in what China has contributed to the world," he said.

US med-tech firm optimistic about China's market, cooperation