Ever since 1950, China has learned to be self-reliant. This obviously involved cutting corners and reverse-engineering many items from the West, but also to use Chinese ingenuity to add or improve on such copied tech. Go no further than their fighter aircraft, the Chengdu Dragon and the Shenyang FC-31, considered within the top 10 in the world.

while you are right in saying this will give a fillip to the Chinese economy, it is salutary to remember China is also moving away from a vast carbon footprint and leads the world in many green initiatives. Therefore, while the vast, new oilfield is of great benefit, China is still targetting vast emissions cuts by 2050 and continuing the greening of their industrial base.