China aims to boost its oil reserves to amounts equivalent to 30 days worth of imports by 2010, according to Chen Mingde, vice-chairman of the National Development and Reform Commission, during the two-day annual meeting of the Boao Forum for Asia, which closed yesterday.

Oil reserve sites should be located at places where transport infrastructure was advanced, ideally next to refineries, Chen said during a panel discussion.

It was the first time that an official from the commission revealed details about the oil reserve plan.

Chen said the country does not plan to increase its reserves to the levels of many developed countries - oil imports up to 90 days.

"We have so many areas that need money - education, healthcare and social security," he said.

"We are short of funds. On the other hand, oil prices at international markets are still fluctuating at high levels. If we increase our reserves very aggressively, that will have impact on the price."

Chen said China had decided that it needed oil reserves to deal with emergencies.