China firmly supports Thailand in following a development path that suits its national conditions, said Chinese Foreign Ministry spokesman Lin Jian at a regular press briefing in Beijing on Tuesday.
Lin made the comments in response to a media query about Thailand's House of Representatives election.
"Thailand held a smooth general election. As Thailand’s close and friendly neighbor, China supports Thailand in following a development path suited to its own national conditions and maintaining stability and development. China stands ready to work with Thailand to deepen mutually beneficial cooperation in various fields, deepen and substantiate the building of the China-Thailand community with a shared future, and deliver more benefits to the two peoples," he said.
China supports Thailand in following development path tailored to national conditions: spokesman
Soaring oil prices triggered by escalating tensions in the Middle East have heightened U.S. inflation pressures, with analysts warning that households face hundreds of dollars in extra costs if crude climbs further.
Data released on Tuesday by the American Automobile Association (AAA) showed that the national average price of regular gasoline in the United States has risen 18.64 percent compared with Feb. 26. The AAA data also indicated that the national average price of diesel on Tuesday was up 22.85 percent from a week earlier.
Mark Zandi, chief economist at global ratings agency Moody's, warned that U.S. consumers are being threatened by a sharp rise in fuel prices. He said that if international oil prices climb by another 10 U.S. dollars per barrel, annual spending for an average U.S. household would increase by about 450 dollars.
Zandi noted that a surge in oil prices would intensify inflationary pressure in the United States, eroding consumers' purchasing power and weighing on consumption, economic growth, and employment.
Tensions sharply escalated across the Middle East on Feb 28 when the United States and Israel launched large-scale joint airstrikes on Iran. The Iranian side has responded with multiple waves of missile and drone attacks targeting Israel and U.S. assets across the region, hitting many countries in the Gulf.
Escalating Middle East tensions drive up energy prices, squeezing US consumers
