In recent years, the demand for petroleum has been weak while supply remains quite sufficient, with oil price kept low in the international market.
A set of relatively complete policy system has been formed in current refined oil consumption-tax system, and it has become one of the most important measures for guiding effective consumption and reducing environmental pollution.
Since reform and opening-up, China’s energy industry has made several structural reforms like lifting price control on coal, separation of power production from power transmission, and regrouping of three major oil and gas companies.
By Guo Jiaofeng, Report No 80, 2014 (Total 4579)