Oil price could spur China industry restructuring

CHANGCHUN, Sept. 8 (Xinhua) Concern over surging oil prices could mean the restructuring and upgrading of China's industries, according to a United Nations Conference on Trade and Development (UNCTAD) official here Friday. brCommodity price hikes have severely affected the Chinese economy, but they also occurred as China faces industrial restructuring challenges, Li Yuefen, the UNCTAD Debt and Development Finance Branch head, said. brRising commodity prices and wages have made it increasingly difficult for China to sustain a competitive export edge, she added. brA slow global economy is another challenge. The Geneva-based agency released its annual Trade and Development Report (TDR) in Changchun, the northeastern Jilin Province capital.brThe world economy is forecast to grow 2.9 per cent this year, 0.9 per centage point less than last year, according to the report.