J P M O R G A N Global Markets Strategy 27 October 2025 China Natural Gas 2035 China's LNG demand projected to peak in early 2030s Recent fundamentals diverge from our outlook In November 2024, we published our long-term view on China's natural gas market, projecting total natural gas demand to reach 419 Bcm in 2024 and 441 Bcm in 2025—a year-on-year increase of 5.2% (China Natural Gas 2030: From supply insecure to creating a future with options, 18 November 2024). However, actual demand has fallen short of ...