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As the largest crude and gas importer worldwide, China imported 440 million tons of crude oil in 2018, a year-on-year increase of 11 percent. The dependence ratio on foreign oil reached 69.8 percent, and is expected to continue rising in 2019, according to figures from PetroChina's Economics and Technology Research Institute.

As the main panel in the Senate overseeing trade issues, the finance committee's approval will be key to any trade deal.

As the over-subscription represents 20 times or more of the total number of offer shares initially available under the Hong Kong public offering, the reallocation procedure in the prospectus has been applied and 37.5 million offer shares have been reallocated from the international offering to the Hong Kong public offering, it noted.

As rioting continued in Hong Kong on Thursday, President Xi Jinping voiced the central government's firm support for the chief executive of the Hong Kong Special Administrative Region in leading the governance team to administer the city by rule of law. Xi also expressed firm support for the Hong Kong police in strictly enforcing the law and for the judiciary to punish violent criminals in accordance with the law.

As the industry scrambles to revamp its production chain, the moves increase costs, Peter said.