China, the world’s second largest oil importer, unveiled a series of measures on Tuesday to secure energy supplies, as economists warned that the recent further surge in oil prices could have a significant impact on economic growth in Asia.

Beijing said on Tuesday it would ban domestic refineries from signing new contracts before the end of the year for processing crude oil for export. It would also suspend a tax rebate given to exporters of gasoline and naphtha – an oil derivative – making it less lucrative to sell the products overseas.