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China's oil giants, especially those with major business in upstream sectors including China National Petroleum Corp and China National Offshore Oil Corp, will suffer if oil prices remain at depressed levels throughout the year, said an industry expert.

China's economic development has entered a new era, and the basic feature is that the economy has shifted from high-speed growth to a stage of high-quality development, according to a statement issued last week after the annual Central Economic Work Conference.

China's economic fundamentals remained sound as indicators such as industrial output and retail sales growth picked up in August, said the National Bureau of Statistics on Friday.

China's gross domestic product expanded at a rate of 6.9 percent in the first half of this year. In a series of interviews, China Daily asked economists, analysts and business leaders about the prospects for economic growth in the country. Below is an interview with Xu Hongcai, an economist with the China Center for International Economic Exchanges.

China's imports from the Yamal project play a significant role in substantially boosting China's oil and gas reserves, ensuring a steady, long-term supply, said Jiang Qi, general manager of the CNPC Russia, a subsidiary of CNPC, the country's largest oil and gas producer by annual output.