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| China Crude Oil Imports and Oil Market-oriented Reform |
| Wang Zhen1, Zhang An2, Liu Mingming1 |
1. China University of Petroleum-Beijing;
2. China University of Geoscinence-Beijing |
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Abstract Crude oil imports in China are mainly carried out by state-owned entities with non state-owned entities as compliment. Crude imported by 5 state-owned entities accounts for 90% of the total imports, while non state-owned entities are about given more freedom in using and importing crude. In 2015 only, there were 13 companies granted with access to imported crude oil and 6 were qualified to import rights. Currently, there are 29 non-state-owned companies engaging in crude import business. China oil market is faced with severe challenges. The growth rate of oil demand declined, and dependence upon imported oil increased and reached as high as 61.26% in 2015. Refined oil demand growth also slowed down, and oil refining overcapacity got prominent and completion would become fiercer in future. Overcapacity was about 140 million tons per year in 2015. Consumption ratio of diesel to gasoline went on declining, and the task of product structure adjustment was heavy. China oil market is undergoing great transformation, and institutional mechanism will go ahead, on the basis of centering on orderly release of limitations on crude oil and refined oil import and export, orderly release of competitive business and government pricing of oil/gas downstream links, vigorous resolving of overcapacity, strengthening low-carbon development, and laying a solid foundation for guarantee.
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Published: 07 July 2016
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Qian Xingkun, Jiang Xuefeng. Oil and Gas Industry Development Report in China and Abroad in 2015[M]. Petroleum Industry Press, 2016.
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Suggestions for 13th Five-Year Plan on National Economic and Social Development by the Central Committee of CPC[R], Oct. 2015.
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General Administration of Quality Supervision, Inspection, Quarantine of People's Republic of China, Standardization Administration of the People's Republic of China. National Criteria for Automobile Gasoline at Fifth Stage[S], Dec. 2013.
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Statistics Dispatch of General Administration of Customs of the People's Republic of China. http://www.customs.gov.cn/publish/portal0/tab49666/
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2016, Vol. 23 
