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|BEIJING michael kors crossbody bags sale uk , Nov. 28 (Xinhua) -- Since China replaced the United States in 2013 as the world's largest net oil importer, falling oil prices have benefited economic development.
The Bank of America Merrill Lynch said that for every 10 percent fall in the price of oil China's GDP growth would be boosted by around 0.15 percentage points, lower consumer inflation by around 0.25 percentage points and would improve the current account balance by 0.2 percent of GDP.
Oil prices, which have lost a third of their value since June michael kors crossbody bags uk , hit fresh four-year lows on Thursday after the OPEC producer club decided not to cut output despite a huge oversupply in the world market.
The benchmark Brent crude oil has fallen to below 80 U.S. dollars a barrel, a sharp drop from market levels of over 100 dollars three months ago.
China is dependent on imports for nearly 60 percent of its domestic oil supply. The fall in oil prices, therefore, translates into huge foreign exchange savings.
According to data from the National Bureau of Statistics michael kors clutch bag sale uk , the country imported 281.92 million tonnes of crude oil in 2013, worth 219.6 billion dollars.
It means China will save up to 30 billion U.S. dollars in oil imports this year if the declining trend in oil prices continues, said Lin Boqiang, director of China Center for Energy Economics Research at Xiamen University.
China International Capital Corp. (CICC) expects the average oil price in 2015 to be 20 percent lower than in 2014 michael kors clutch bag uk , which would generate 47 billion dollars in trade gains for China, or 0.5 percent of GDP, and boost household income and corporate profit growth.
Lower oil prices may squeeze profit margins of oil refiners, but could significantly bring down expenditure for heavy users michael kors backpacks uk , such as logistics firms, airline carriers and private car users.
The nation's oil price adjustment mechanism calls for changes when international crude prices change by more than 50 yuan (8.14 dollars) per tonne during a time span of 10 working days.
China's retail fuel prices have been cut for the eighth-consecutive time since July as the government reacts to lower crude prices and the country is very likely to announce price cuts again late on Friday.
Moreover, lower oil prices will not only be passed on to downstream industries but also influence the prices of other energy and grains through the substitution effect. The impact of oil prices on agricultural product prices is more important for China than for developed countries due to the higher proportion of food consumption in the country, CICC said.
Falling oil prices will also benefit the consumer sector as lower inflation raises consumption through higher disposable incomes.
CICC noted lower oil prices will provide Chinese policymakers with more room to ease monetary policy.
Last week michael kors accessories sale uk , the central bank cut benchmark interest rates for the first time in more than two years to support the economy, which grew at its slowest pace since the depths of the global financial crisis in the third quarter, and is likely to register its weakest annual growth rate in more than 10 years.
On the stock market, airlines surged on Friday on hopes of lower fuel costs. Air China michael kors accessories uk , China Southern Airlines and China Eastern Airlines all climbed by the daily limit of 10 percent while China COSCO Holdings Company Ltd. increased 9.43 percent.
LONDON, Dec. 12 (Xinhua) -- The 2015 ATP overall prize money will exceed 100 million U.S. dollars, the men's professional tennis tour announced on Friday.
"The increases at ATP events are a testament to the sustained success of men's professional tennis, as well as demonstrating the ATP's confidence in the strength of its product and projected growth in future years michael kors value spree 99 uk ," an ATP statement read.
The biggest increases come at the ATP World Tour Masters 1000 category, with tournaments providing annual increases of 11 percent, and with the ATP contributing a further 3 percent increase, resulting in a 14 percent annual increase in that category through to 2018.
Player compensation at ATP World Tour 250 events is set to increase at an average of 3.5 percent per year during the same period.
BEIRUT， Aug. 15 (Xinhua) -- Five Lebanese soldiers were injured Monday in a roadside bomb attack targeting an army patrol in the northeastern border town of Arsal， the military said in a statement.
The blast went off near a "transmission pole" in the Ras al-Sarj area at Arsal's entrance， the National News Agency reported.
The roadside bomb was remotely detonated， and it contained small pieces of metal aimed at maximizing injuries， said the statement.
Militants from the extremist Islamic State group and Fateh al-Sham Front， formerly al-Qaida linked al-Nusra Front， are entrenched along the undemarcated Lebanese-Syrian border.
The two groups briefly overran the town of Arsal in August 2014 before being ousted by the army after days of deadly battles.
A man has been detained by local police for allegedly spreading an online rumor which claimed a 50-year-old man severely bashed an 8-year-old boy over a bus seat.
Police found the 33-year-old man michael kors value spree 111 uk , surnamed Jiang, posted the rumor in a WeChat group that had more than 400 members on January 8. The post was later shared on local lifestyle website liba and went viral on Tuesday night.
The post said a 50-year-old man and an 8-year-old boy were having an argument over a seat on bus route 104. It claimed the boy was severely injured after being beaten by the man, and that the boy's mother poked the man in the eye with something sharp.
After a thorough investigation, police found no such incident occurred.
Jiang confessed to rumor mongering and said he did it to gain popularity.
Police are still investigating.
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