Free Exchange looks at the correlation between high oil prices and global GDP growth. They then turn their focus toward China:
The Chinese are growing wealthier and demanding automobiles by the tens of milions, but the demand for oil they create is likely to send petrol prices soaring again before long, making driving unaffordable for most Chinese families. It's no wonder, then, that the Chinese government is anxious to develop electric automobile technologies. Not only would this allow Chinese families to continue driving as petrol prices soared, it would also allow China to sell into foreign markets similarly afflicted by dear oilincluding America. China recognises this and is heavily subsidising efficient automobile purchases and production.