The Study Of The Impact Of International Crude Oil Price Fluctuation On China’s National Economy

As the most important energy and chemical raw material in the world,oil is known as the “modern economic blood”,and its price fluctuation has become an important factor in macroeconomics.Energy security issues are closely related to the development of a country.At present,as the world’s second largest economy and the second largest crude oil consumer,China’s dependence on foreign oil has risen year after year and broke the 60% mark in 2015.However,since the outbreak of the oil crisis in the 1970 s,the international crude oil market has been in a state of volatility and has experienced numerous surges and plunge.With the acceleration of the process of economic globalization,the relationship between China and the world economy has become closer,and the impact of crude oil prices has had a conduction effect.After the global financial crisis broke out in 2008,international oil prices once again In the turbulent period,its volatility even exceeded any previous oil crisis.Obviously,this is determined by the three attributes of petroleum,commodity,politics and finance.Over-exploitation and uncontrolled abuse of oil and other energy sources,speculation in the oil market from the real economy,frequent wars between oil-producing countries in the Middle East,and natural disasters around the world have brought to the international oil market for a long time.At the same time,China’s opening up to the outside world continues to improve,and the sensitivity of macroeconomics to external shocks has also increased.Under such a background,it is necessary to explore the impact of international crude oil price fluctuations on China’s macroeconomics.(SVAR)model,an empirical study of this problem.