Opening up China's markets of crude oil and petroleum products : theoretical research and reform solutions / Hong Sheng, Pu Qian.

Format:

Book

Author/Creator:

Sheng, Hong, author.

Qian, Pu, author.

Series:

Series on Chinese economics research ; Volume 9.

Series on Chinese Economics Research, 2251-1644 ; Volume 9

Language:

English

Subjects (All):

Petroleum industry and trade--China.

Petroleum industry and trade.

Petroleum industry and trade--China--Management.

Petroleum industry and trade--China--Cost control.

Physical Description:

1 online resource (307 p.)

Place of Publication:

Singapore ; Hackensack, New Jersey ; London, [England] : Social Sciences Academic Press (China) : World Scientific, 2015.

Language Note:

English

Summary:

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:

ch. 1. Economic nature and significance of oil and gas industry. I. Private goods and production competitiveness: Basically applicable to market economy. II. Scarce natural resources. III. Exhaustible resources: Positive discount rate and zero discount rate. IV. Partial effect of peak oil theory and alternative energies. V. Demand characteristics (1): Necessities of public life. VI. Demand characteristics (2): Requirement of military affairs. VII. Rent features of oil and gas industry. VIII. Crisis features of oil and gas industry. XI. Summary

ch. 2. Formation, status quo, and nature of petroleum industry system in China. I. History of evolution of petroleum industry system. II. Formation of monopoly right of petroleum enterprises. III. Basic framework and features of current system. IV. Structure of administrative documents of petroleum industry system has no legal force. V. Summary

ch. 3. Performance of oil monopoly system. I. Causing great loss of efficiency. II. Distorting distribution of income, violating principle of fairness. III. Unfair competitors: Obtaining production factors freely or at low price. IV. Deserting pricing mechanism of market. V. Directly damaging private enterprises and other enterprises. VI. Damaging consumers. VII. Causing gasoline shortages frequently. VIII. Squeezing interests of local governments and causing tensions and oppositions between local and central governments. IX. Violating the constitutional principle of the state. X. Summary

ch. 4. Basic concept of reform in petroleum industry system. I. Constitutionality, Validity and economic rationality of the reform in petroleum industry system in China. II. General framework of the reform in petroleum industry system in China. III. Summary

ch. 5. Solutions for reform on opening the market of crude oil and petroleum products. I. Importance of opening the market of crude oil and petroleum products for the reform in petroleum industry system. II. Framework of reform solutions for opening the markets of crude oil and petroleum products. III. Reform solutions for opening the import and export trade of crude oil. IV. Reform solutions on opening the domestic market of crude oil. V. Reform solutions on opening the domestic market of petroleum products. VI. Reform solutions on opening the import and export trade markets of petroleum products. VII. Basic measures of the reform solutions. VIII. Implementing steps and possible effects of the reform solutions. IX. Summary

ch. 6. Incentives for and strategies of the reform - Political economy and transitional economy for the oil system reform. I. Analysis on the structure of incentives of reform. II. Reform strategies. III. International background and opportunity of the reform. IV. Time sequence of the reform. V. Summary

Sub-report I. Economic analysis on administrative monopoly in petroleum industry

Sub- report II. Legal analysis on administrative monopoly in petroleum industry.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Includes bibliographical references and index.

Description based on print version record.

ISBN:

981-4603-97-X

OCLC:

903489304