A Study On China’s Crude Oil Import Market Open Mode Selection

With the implement of “New 36”,releasing the right of crude oil import became major direction of crude oil market.State-owned enterprises thought it would damage market stability,but private-owned enterprises imported few crude oil and had high cost and low production.If the right of crude oil import should be released,which becomes a focus now.Besides,private-owned enterprises is subordination for state-owned enterprises.What is the releasing boundary,how to release should be determined.Consequensely,around how to select open mode,this article reviewed reform process and the structure of import market in China,established the index of “crude oil import open degree”,and found that state-owned enterprises monopolized the crude oil market saling right,which result in low degree of crude oil import,through analyzing this index.In order to explore that the social welfare would be improved,if the privilege of state-owned enterprises is cancelled,“vertical integration” model was drown into this article.We found an opened crude oil market could be in favour to maximize social welfare.In order to research what is the suitable degree of openness,the relative industrial organization models were introduced in this article.We found that an completely opened market may reduce the social welfare,and the market which is dominated by state-owned enterprises is the best mode with some requirements for market access,and the degree of openness would be 33% then.Some advices were suggested as well:(1)the state-owned enterprises’ privilege for crude oil sales should be cancelled;(2)the requirements of market access should be established scientifically;(3)the market supervision of crude oil import market should be improved;(4)the reform progress of state-owned enterprise,as a leader in market,should be accelerated;(5)the finance services structure should be consummated;(6)the market-oriented reform of oil pricing system should be accelerated.