The oil price hit its lowest level since 2003 last week. Even plunging crude is constantly attributed to China. Yes, of course, even a relatively minor slowdown in such a large, investment-heavy economy means less oil will be consumed than would otherwise have been the case, pushing the oil price down. The reality is, though, that despite GDP growth falling to 6.9pc in 2015 from 7.3pc the year before, Chinese oil use still rose 2.5pc. Read more
