Research Of Policy And Effects Of Lacking International Crude Oil Pricing Right On China’s Economy

China is the second most country that consumes and imports crude oil. In2012, the total amount of consumes in China has been4.7billion tons, the annual ratio of crude oil imports have reached7%. However, China has not won the pricing right corresponding, just been price taker to face the embarrassed situations that china must passively take the undesirable impacts of international crude oil price volatility on national economy. Because of lacking of pricing right, china lost so much. Deeply studying on the international oil pricing right will play a significant role in establishing reasonable Chinese energy strategy, ensuring the stability and rapidly continuous growth of economy.This paper analyses the international oil pricing right and how does it affects China’s economy from aspects of theory and empiricism. Lacking of international crude oil pricing right makes China can only passively accept the fluctuation of international crude oil price, can’t affect it. So this paper work on empirical study to build a Grey Relational Analysis Model and VAR Model, the results suggest that China’s economic growth, prices, consumption, investment have been affected by the fluctuation of international crude oil price in a long term. The international crude oil price volatility lead to national inflation, curb economic growth.Based on the theoretical and empirical analysis, there are four reasons about lacking of international oil pricing right of china, firstly the rigid demand lead to high ratio of import dependence of crude oil consumption; secondly limitations of technology widen the gap between domestic crude oil supply and demand; thirdly International crude oil pricing system cannot effectively reflect the status of China’s crude oil supply and demand. China should take full advantage as major economy innovating mechanism and developing the futures market, enhancing the petroleum reserve, striving for the bid right of petroleum in utilizing the status of significant import country in the world to get international crude oil pricing right.