A few lines from "China to begin filling strategic oil reserves" in the March 7th edition of The China Post. (Sorry, no link available).
China will start filling the first of its strategic oil reserve facilities by the year end, a senior planning official said Monday….Three other strategic oil reserve facilities will be ready in 2007-2008, [said the chairman of the National Development and Reform Commission]…
China…had previously not stocked its reserves due to high oil prices.
[…]
China hopes its reserves will be able to hold up to half a year’s supply of oil within 10 years. [emphasis added]
China currently has a 30 day reserve; if it achieves these announced goals, it will have a similar amount of oil in reserve as America and Japan. Thus, in the event of war, China would be able to weather disruptions in supply due to submarine warfare for a similar duration as its most likely adversaries.
I wonder then, if China’s fuss over the National Unification Council has been nothing more than a classical case of misdirection. China’s been going on and on about Taiwan’s provocations for the last week (regarding the elimination of a $30 a year council that hadn’t met in 7 years), and in response, the papers have given the subject prominent attention. Meanwhile, China has embarked on a status quo-shattering policy, which only one of Taiwan’s three English newspapers saw fit mention (and barely at that).
Houdini would be proud.