The Organization of the Petroleum Exporting Countries (OPEC) released its latest World Oil Outlook 2050 on Sunday, projecting a 23-percent increase in global energy demand by mid-century.
The report emphasizes that meeting this rising demand and tackling associated challenges will require a comprehensive approach leveraging all forms of energy, advanced technologies, and broad social engagement.
According to the outlook, oil will remain the largest single source of energy through 2050, accounting for just under 30 percent of the global energy mix. Combined, oil and natural gas are expected to sustain a majority share of the world's energy consumption, representing more than half of the total between 2024 and 2050.
The report highlights a stark regional divide in energy trends as nearly all of the projected growth in energy demand will come from developing countries. In contrast, energy consumption in developed nations is expected to remain flat or decline over the same period.
OPEC forecasts 23 pct rise in global energy demand by 2050
The ten "second-line ports" of the Hainan Free Trade Port (FTP) in south China's Hainan Province are ready for the official launch of island-wide special customs operations on Thursday.
Following the rollout, Hainan will adopt a two-tier customs supervision model: freer access at the first line, regulated access at the second line, and free flow within the island.
The first line refers to Hainan’s links with overseas markets, where goods will enjoy zero tariffs, simplified procedures, and access through eight designated coastal ports. The second line manages flows between Hainan and the mainland through ten designated ports under streamlined but effective supervision.
This system is designed to facilitate trade between Hainan and regions outside China's customs border, while maintaining standard controls for goods entering the mainland.
Xinhai and Nangang, two major ones of the ten "second-line ports," are responsible for approximately 80 percent of cargo entering the mainland and are designed to handle an annual passage capacity of 1.72 million trucks.
Since the trial operation of the "second-line port" began in September this year, all trucks leaving the island have uniformly departed from centralized inspection sites, and a reservation system for sea crossings has been implemented simultaneously. Currently, the reservation rate has reached 90 percent.
Apart from the ten ports, Hainan has completed the third round of pre-closure stress tests in early December. Coordination between ports, customs, and public security departments was carried out smoothly and all facilities, equipment and system platforms performed stably.
Once the full-island customs closure is in place, the island province will attract more resources and top talent from around the world, supporting China's high-quality development and pilots groundbreaking reforms.
Travel will be convenient for visitors from the Chinese mainland and citizens from 86 countries around the world will continue to enjoy visa-free entry.
Effective November 1, Hainan's updated duty-free shopping policy increased the list of eligible goods from 45 to 47 categories, with new additions including pet supplies, portable musical instruments, micro-drones and small home appliances. Island residents can make unlimited annual purchases of 15 "buy-and-take-away" categories.
In terms of trade, the proportion of tariff lines with zero-tariff products in the Hainan FTP will increase from 21 percent to 74 percent, while the number of tariff-free items in Hainan will increase from about 1,900 to around 6,600, covering nearly all production equipment and raw materials. Coupled with simplified customs clearance procedures, this is expected to sharpen Hainan's competitive edge as a low-cost, high-efficiency trade hub and a key entry for global goods.
For high-level and urgently needed talents, the portion of their individual income tax liability exceeding an effective tax burden of 15 percent shall be exempt.
For companies, more than 1,100 encouraged industries -- from biomedicine to offshore wind and green materials -- qualify for a 15 percent corporate income tax rate. Together, these measures are expected to create more high-quality jobs and increase residents' incomes.
Second-line ports ready for island-wide special customs operations in China's Hainan Province
