This can be a major positive development for China and the global energy industry. The need to import energy is probably one of the biggest bottlenecks to Chinese economy, as long term inflation rate may be lower. This also has major repercussions for coal, nuclear, auto and many industry. This can be a game changer for China.
http://www.marketwatch.com/story/china-shale-gas-output-to-expand-quickly-2012-03-16