What’s Fueling the Global X China Energy ETF?
Michael Johnston submits:
In the not-so-distant future, China will officially pass Japan to become the world’s second largest economy (if it hasn’t already). A few years after claiming that spot, the country will likely overtake the U.S. as the largest economy in the world, completing its meteoric rise from a predominantly rural third world nation to a driver of global GDP growth and economic powerhouse.
That rise, apparently, has required quite a bit of energy. The U.S. got a preview of its dwindling importance to the global economy this week, as the International Energy Agency announced that for the first time since the early 1900s, a nation outside of North America was the world’s biggest energy user. According to the IEA, China used 2,252 million tons of oil equivalent last year, about 4% more than the U.S. The “oil equivalent” metric covers all forms of energy, including coal, crude oil, nuclear, natural gas, and renewable hydrocarbons.
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