Abstract: In the context of the new era, China is carrying out international energy cooperation under the Background of "the Belt and Road" initiative. Natural gas trade plays an important role in building a community of energy interests, a community of responsibility and a common destiny. This paper uses a time-varying stochastic frontier gravity model to empirically analyze the factors that affect China's natural gas imports, and measure trade efficiency and potential. Studies have shown that among natural factors, the economic development level, population size, and the formal operation of natural gas pipelines have a positive effect on natural gas import trade, while factors such as geographical distance and landlocked countries have limited hindrance to the efficiency of natural gas import trade. Among the human factors, whether it is a country along "the Belt and Road", investment freedom and financial freedom are key factors affecting China's natural gas imports. The overall level of trade efficiency between China and major natural gas importing countries is relatively high, but with countries such as Algeria, it still has great trade potential and room for trade expansion. Therefore, it is proposed to accelerate the pace of energy innovation, establish a long-term trade mechanism while adopting a differentiated trade strategy to improve the efficiency and potential of natural gas trade with countries along the route.

Key words: Natural Gas Imports, Trading Efficiency of Natural Gas, Trade Potential of Natural Gas, Natural Gas Trade Cooperation, International Cooperation on Energy, Energy Community with a Shared Future, The "Belt and Road" Initiative, The Silk Road Economic Belt, Stochastic Frontier Gravity Model