## 5 Conclusions  
In this paper, we creatively combine the complex network method and econometric methods to reveal the direct and indirect impacts of crude oil price shocks on Chinese price indices over time. The degree and duration of the impacts of crude oil price shocks on each price index are analyzed. Some conclusions and policy implications could be summarized as follows. Figure 5: The total impact of crude oil price shocks on price indices. (**a**–**h**) represent the total effects of crude oil price shocks on MPI, RPI, CGPI, EPI, PPI, PPIRM, MAPPI, and CPI, respectively. In the sample period, not all the Chinese price indices are directly affected by crude oil price shocks, such as CPI and MAPPI, while they can be indirectly influenced, although the impacts are relatively weak. This indicates that the transmission mechanism of oil price fluctuations to the Chinese price level is obstructed, and a series of price stabilizing measures taken by China to resist cost-driven inflation is effective. Thus, consumers and farmers do not worry too much about the impacts of oil price volatility on their production and consumption activities. Furthermore, the direct and total response of EPI to crude oil price shock is higher and more volatile with uncertain response direction. The influence of crude oil price shock on MPI is significantly positive and can last for about 8 months. Companies whose main business is mainly for exporting and importing products (exporters and importers) should pay more focus to the fluctuations of crude oil price and adjust production, import and export plans in time, reducing the impacts of oil price shocks. Furthermore, the responses of CGPI, PPI, and PPIRM are similar. Thus, policymakers could take similar measures for monitoring CGPI, PPI, and PPPRM when crude oil price fluctuates. Researchers have found that energy intensity is an essential factor impacting the inter-industry differences in oil shocks [35]; thus, energy-intensive companies and producers should pay more attention to the impacts of oil price shocks. 2. The proportions of the indirect impacts of crude oil price shocks on price indices for the total impacts are much higher, ranging from 0.03% to 100% with an average of 44.21%. Furthermore, the indirect impact could only last for about two or three months. Therefore, when measuring the impact of crude oil price fluctuation on the price indices, market regulators need to consider its indirect impacts. Otherwise, the impacts of crude oil price fluctuations could be underestimated, resulting in errors in the formulation of price stabilization strategies by the government; thus, we could not effectively curb the impact of crude oil price fluctuations on the Chinese price level. 3. Oil price shocks can affect Chinese price levels in the short run, and the impacts fade out in the long run. Furthermore, the duration of the total impacts is similar to the direct impacts and varies from price index to price index. Specifically, the total impacts of the crude oil price shock on EPI last the longest, about 15 months, while the impacts on CPI and MAPPI are not significant after the third month. Furthermore, except for EPI, the responses of all price indices reach the maximum in the second month after the oil price shocks. Thus, to not miss the best time to monitor the price level, policymakers need to recognize the evolution trend of the impacts of crude oil price shocks and formulate measures to intervene in the transmission path from crude oil to Chinese commodities promptly. 4. The shocks of different crude oil prices have different impacts on Chinese price levels. Chinese price indices are more sensitive to Brent oil price fluctuations, and the effects of WTI oil price fluctuation are much lower. Chinese policymakers should focus more on the fluctuation of Brent oil prices. This paper offers a method to research the direct and indirect influences of crude oil price shocks on the price level.