China sees huge benefits from lower oil prices

The Chinese government said Monday it could save as much as $5 billion per month on import bills in part because of falling crude oil prices.

Global crude oil prices are shrugging off geopolitical concerns in the Middle East and Eastern Europe as few supply problems have been associated with the turmoil. The price for Brent crude oil, the global benchmark, was down 1 percent to around $100.8 per barrel as of Monday morning.

Lu Ting, a Chinese analyst of Bank of America Merril Lynch, told the official Xinhua News Agency there was a general sense of malaise across most sectors of a Chinese economy showing signs of a slowdown.

"One of the rare positive effects of slowing investment growth is declining commodity prices," he said.

With the Chinese economy still outpacing most others, Lu said China could save as much as $5 billion per month on its import bill because of falling crude oil and other commodity prices.

Analytical company IHS last week said the Chinese economy is expected to start a trend toward correction during the next 10 years. The report said China's share of world gross domestic product is expected to increase from the 12 percent reported last year to around 20 percent in 2025.