Hello and welcome to this new edition of Biz China. China is often referred to as a "bicycle kingdom" for its large population of the two-wheeled vehicle. The reference was actually quite true even a couple of years ago, when riding a bicycle was the main means of transport. But now, the number of wheels is increasing as well as their speed. As more and more people buy cars, China is transforming from a kingdom of bicycles into an automobile society. But with record high increases in the price of oil, both domestically and internationally, how much influence will it have on the country's economy? In today's show, car drivers, owners, makers and insiders will shed some lights on the issue. We will also take a corporate level look at the solution to the energy crunch. Stay with us.

More than a week ago, China announced that it would raise prices of its refined oil products. Prices for gasoline and diesel were then increased by 1,000 yuan, about 145 dollars, per ton, the first time in eight months. But still, China's oil prices are far below the world average. So why is there such a gap between domestic and international oil prices and how will most people be affected by the higher oil prices?  Dan Dan has the story.

For more on China's energy policy amid global oil crisis, Biz China talked to  Mr. David Dollar, World Bank China director.

As China continues to grapple with energy challenges, the business sector is focusing on saving energy in a bid to lower operation costs. Many enterprises are updating their production facilities to consume less energy and discharge less pollutants. In today's show, we will go to China's Silicon Valley to see how the country's largest industrial park is encouraging and helping enterprises to be environmentally-friendly. Here is our reporter  Wang Lei.

Finally, let's take a quick look at some of  the business headlines from across China.

And with that, we wrap up another edition of Biz China . If you have anything to say about the show, please feel free to contact us. Our email address is bizchina@cri.com.cn. Or send mail by post to English Service, China Radio International, Beijing, China, postal code 100040. You can also log onto our website crienglish.com to listen to the show online. From Beijing, I'm Lin Lin. Thank you for listening. Goodbye.