The "new normal" of lower growth that premier Li Keqiang talks about is also having an impact on demand for oil and other commodities.

Lower prices for oil and other commodities are delivering China serious savings in its purchases of oil, iron ore and copper – by some estimates up to €232 billion a year. At the same time, China, the world's number two oil consumer, topped up its strategic petroleum reserves last year with cheap crude and now the tanks are nearly full. China's goal is to fill the tanks to have a 90-day supply by 2020, from a current level of 30-40 days.

China's crude oil imports in February rose 10.8 per cent year on year to 25.55 million tonnes or an average 6.69 million barrels per day, according to data from the General Administration of Customs.