Beijing has acknowledged that the surge in global oil and gas price surges due to the Russia-Ukraine conflict will increase the cost of its own energy imports , but Chinese officials have also expressed confidence about the country's ability to manage soaring international prices.

Lian Weiliang, vice chairman of the National Development and Reform Commission, the country’s powerful economic decision-making body, on Monday admitted that Chinese reliance on imports to meet the lion's share of its oil and gas demand, means that the increase in prices will have an impact.