Review on the petroleum market in China:history,challenges and prospects

The petroleum industry plays an essential role in driving China's economic development.In the past few decades,severa reforms in the petroleum industry have been implemented;however,there are still some is sues that have not been resolved Moreover,with the new-normal economy,the transition to green energy and international trade disputes,the petroleum marke is also facing emerging challenges.Therefore,the purpose of the present study is to review the historical development o China's petroleum market,identify the current challenges and propose corresponding countermeasures for future prospects As a conclusion,five main challenges are highlighted totally,namely lack of marketization,excess oil refining capacity,hig external dependency,environment pollution and unstable international trading relationship.To address these challenges it is encouraged to deepen petroleum market reform,accelerate the elimination of inefficient refining capacity,diversify of supply sources,as well as improve domestic petroleum enterprises'ability to resist price risks.