China's crude oil imports grew 9.6% in 2008, easing from a 12.4% rise in the preceding year.
Analysts said the slowing growth rate may be related in part to shutdowns linked to the hosting of the Olympic Games in Beijing in August last year.
Still, its expected growth in imports this year will ease further from 2008 levels as the economy cools. The government is forecasting the economy will grow 8% this year. In the first three quarters of 2008, the economy grew 9.9%.
Crude oil imports totaled 178.9 million metric tons (1.34 billion barrels) in 2008, according to preliminary data from the General Administration of Customs released Tuesday.
Imports in December were up 7.6% from November, or about 14.37 million tons. The sudden rise in consumption was attributed to lower oil prices that resulted in stockpiling for the nation's strategic reserve as well as commercial reserves.
Analysts said the downturn in the global economy is likely to continue to weigh on crude-oil prices for some time.
"With global economic activity on a free fall and unemployment rising, the outlook for energy commodities remains rather grim," wrote Merrill Lynch analysts, headed by Francisco Blanch.
Merrill noted that data showing a sharp drop off in electric power demand in China suggested the economy may be headed for trouble. Electricity production plunged 9% in November, a rate Merrill described as "alarming".
Wire reports citing figures by the China Electricity Council Monday said electricity consumption fell 8.9% in December. For the year electricity consumption grew 5.2%, easing from a 14.4% rise in 2007.
