Opening Up China's Markets of Crude Oil and Petroleum Products

This book provides a comprehensive and unique perspective on China's oil and natural gas industry and a practical roadmap to reforms.The book begins with a thorough examination of the status quo of China's oil and natural gas industry. It explores the evolution, transition, and characteristics of the oil industry of China, and unveils the problems that caused ineffectiveness of the oil and petroleum products market, namely, the dominance of monopoly enterprises, price regulation, and restriction to entry. It provides an insightful analysis on the efficiency losses and welfare losses the monopoly system brings to the society as the current system distorts income distribution, violates the principle of fairness, and stands against the market rules and the legal pillars of the Chinese constitution. This book argues that the monopoly system in the oil industry of China results in a variety of toxic influences and that reforms are needed. It then offers a roadmap to reforms in the oil and petroleum products market in an incremental fashion.The findings and proposals of the Chinese version of this book have proved to be successful, as they led to immediate shifts in the policies of the Chinese authorities. This book provides valuable insights into the urgency involved in carrying out reforms in the oil and petroleum products market in China, with concrete and up-to-date statistics, comprehensive and detailed analyses, and authoritative and authentic sources.Contents:Economic Nature and Significance of Oil and Gas IndustryFormation, Status Quo and Nature of Petroleum Industry System in ChinaPerformance of Oil Monopoly SystemBasic Concept of Reform in Petroleum Industry SystemSolutions for Reform on Opening the Market of Crude Oil and Petroleum ProductsIncentives for and Strategies of the Reform — Political Economy and Transitional Economy for the Oil System ReformReadership: Researchers, professionals, undergraduate and graduate students, and general readers interested in crude oil and petroleum products markets and reforms in China.Key Features:Comprehensive examination of the history, evolution, and status quo of the oil industry of China with up-to-date and authentic statisticsAn innovative theoretical analysis of administrative monopolyPragmatic and incremental roadmap for reforms based on close observation and exclusive understanding of the decision-making group of China