Applying ＂General to Specific＂ （GETS） modeling and using PcGets software, this paper studies the relationship between inflation, money supply, output gap, the exchange rate and crude oil prices in China. The empir...Applying ＂General to Specific＂ （GETS） modeling and using PcGets software, this paper studies the relationship between inflation, money supply, output gap, the exchange rate and crude oil prices in China. The empirical study supports the view that a long-term positive correlation exists between inflation and money supply. However, inflation is not an entirely ＂monetary phenomenon. ＂In addition to money supply, other variables also affect inflation. Similarly, there is significant correlation between output gap and inflation. In addition, we cannot overlook the impact of exchange rates on inflation.展开更多
China’s national oil and gas companies saw their profits slump during the first six months of 2015,with the levels falling to the lowest in five years,according to financial reports.The first-half reports for China’...China’s national oil and gas companies saw their profits slump during the first six months of 2015,with the levels falling to the lowest in five years,according to financial reports.The first-half reports for China’s＂big three＂ oil companies - China National Petroleum （CNPC）, China Petrochenlical Corporation, as Sinopec. and China National Offshore Oil Corporation also known Corporation （CNOOC） - showed that CNPC＇s profit tell by more than 60 percent to 25.4 billion yuan （US$3.98 billion）, Sinopec by 22 percent to 25.4 billion yuan, and CNOOC by more than 50 percent to 14.7 billion yuan.展开更多
The reforms in oil and gas sector have been accelerated in 2015. The reform of mineral rights has begun and 6 oil and gas exploration zones in Xinjiang Autonomous Region have served as the tender pilots, breaking thro...The reforms in oil and gas sector have been accelerated in 2015. The reform of mineral rights has begun and 6 oil and gas exploration zones in Xinjiang Autonomous Region have served as the tender pilots, breaking through the requirements on the resources varieties, exploration phase and enterprise qual!fication. The right of importing and using of the crude oil has been gradually relaxed and 13 local refineries have obtained the right to use imported crude oil of 55.1888 million tons per year. The natural gas price for non-residential use was unified and a universal price was set ~r the incremental supply and existing supply. Tire Shanghai Petroleum and Gas Exchange （SHPGX） was established and laid foundation for the market mechanism to detervnine the price. The government governance has undergone continuous adjustments such as regulating the tax instead of charging the fees, streamlining administration and delegating power to tire lower levels.The Guidelines on Deepening tire Reform of State-owned Enterprises was released, symbolizing the accomplishment of the overall planning ~ the SOE reform.展开更多
As the downward trend levels out,companies from China are finding big bargains around the globe.A new wave of Chinese outbound oil acquisitions is expected in the second half of 2015 as well-financed Chinese firms tak...As the downward trend levels out,companies from China are finding big bargains around the globe.A new wave of Chinese outbound oil acquisitions is expected in the second half of 2015 as well-financed Chinese firms take advantage of struggling companies while oil prices remain low globally,industry insiders say.The huge drop in oil prices over the past year,from US$110 per barrel in early July of last year to below US$50 by the beginning of 2015, has fundamentally shocked the industry. But the prevailing forecast in the business is for price stabilization.展开更多
After more than 30 years of rapid growth, the Chinese economy has entered the "new normal" of moderately high growth. Due to the effects of multiple factors, the international oil price has remained consiste...After more than 30 years of rapid growth, the Chinese economy has entered the "new normal" of moderately high growth. Due to the effects of multiple factors, the international oil price has remained consistently low. The low oil price has exerted critical effects on international natural gas investment. At the same time, the market-oriented price mechanism of natural gas in China is gradually taking shape; the concept of low carbon development is widely advocated; and the use of natural gas gains popularity in the city. Such factors provide great opportunities for investment in the natural gas market of China, including boiler coal-to-gas transformation, natural gas distributed energy and natural gas vehicles. However, risks also exist, such as the lower competitiveness of natural gas, its excess production capacity and dwindling consumption in some gas consumption industries, an insufficient driving force for facilitating the coal-to-gas transformation of industrial fuel users, reverse substitution of "coal in place of gas" in some enterprises, nontransparent costs of the downstream link of the natural gas price chain, and mismatches and nonsynchronous adjustments in natural gas prices and electricity prices.展开更多
Currently ＂The Crude Formulation Technique＂ developed by the SINOPEC Research Institute of Petroleum Processing（RIPP） has passed the technical review sponsored by the Sinopec Corp.This technique by means of adopti...Currently ＂The Crude Formulation Technique＂ developed by the SINOPEC Research Institute of Petroleum Processing（RIPP） has passed the technical review sponsored by the Sinopec Corp.This technique by means of adopting the advanced algorithm on the basis of the crude assay data bank and the large crude spectroscopic database can intelligently blend together different kinds of crude oils to obtain multiple crude formulations, the quality of which is quite close to the target crude in a bid to provide technical support to the refining enterprises in the area of crude procurement and sustained property stabilization of crude oils pro-cessed thereby.展开更多
Petroleum is a kind of fundamental energy resource. Its price fluctuation transmits from upper-stream industry to the lower-stream industry as the production factors price changes. And this leads to the price changes ...Petroleum is a kind of fundamental energy resource. Its price fluctuation transmits from upper-stream industry to the lower-stream industry as the production factors price changes. And this leads to the price changes of final consumption. Meantime, due to the cycle of industrial chain, the price changes of lower-stream industry also affect the upper-stream industry in return. This price transmission path is quite complicated. Firstly, it includes both direct and indirect paths; secondly, the transmission process is accompanied with time delay. The traditional input-output price model based on cost-push theory can efficiently solve the first problem when estimating the impact of price fluctuation on the whole price system. However, it neither reflects the dynamic characteristics of price transmission with time nor solves the second problem. To solve this problem, this paper uses the directed weighted network to describe the price transmission among industrial sectors by taking the time-dimension into account, and dynamic price transmission network model is constructed. This model not only describes transmission time delay more accurately, but also calculates the price fluctuation dynamically. On this basis, by utilizing the 2007 Chinese input-output table, this paper conducts empirical analysis on the impact of petroleum price fluctuation on other sectors. The empirical results indicate that the price fluctuation transmission mainly depends on two factors, the orice reaction period Tk and the consumption relationship with petroleum aik. 1） If t 〈 Tk, then the price change of sector k at period t △pkt = 0, the petroleum price fluctuation has not transmitted to the sector k, so the price of sector k remains unchanged. 2） If t 〉 Tk, then Apt 〉 0, and the greater aik, the higher price change rate. 3） If t →∞, it is the same with that in traditional input-output price model. So it can be clearly seen that dynamic price transmission network model is more general than the traditional model, and the traditional model is just an asymptotical special case when time approaches to infinity. Keywords Directed weighted network, input-output price model, petroleum price, transmission time delay.展开更多
文摘Applying ＂General to Specific＂ （GETS） modeling and using PcGets software, this paper studies the relationship between inflation, money supply, output gap, the exchange rate and crude oil prices in China. The empirical study supports the view that a long-term positive correlation exists between inflation and money supply. However, inflation is not an entirely ＂monetary phenomenon. ＂In addition to money supply, other variables also affect inflation. Similarly, there is significant correlation between output gap and inflation. In addition, we cannot overlook the impact of exchange rates on inflation.
文摘China’s national oil and gas companies saw their profits slump during the first six months of 2015,with the levels falling to the lowest in five years,according to financial reports.The first-half reports for China’s＂big three＂ oil companies - China National Petroleum （CNPC）, China Petrochenlical Corporation, as Sinopec. and China National Offshore Oil Corporation also known Corporation （CNOOC） - showed that CNPC＇s profit tell by more than 60 percent to 25.4 billion yuan （US$3.98 billion）, Sinopec by 22 percent to 25.4 billion yuan, and CNOOC by more than 50 percent to 14.7 billion yuan.
文摘The reforms in oil and gas sector have been accelerated in 2015. The reform of mineral rights has begun and 6 oil and gas exploration zones in Xinjiang Autonomous Region have served as the tender pilots, breaking through the requirements on the resources varieties, exploration phase and enterprise qual!fication. The right of importing and using of the crude oil has been gradually relaxed and 13 local refineries have obtained the right to use imported crude oil of 55.1888 million tons per year. The natural gas price for non-residential use was unified and a universal price was set ~r the incremental supply and existing supply. Tire Shanghai Petroleum and Gas Exchange （SHPGX） was established and laid foundation for the market mechanism to detervnine the price. The government governance has undergone continuous adjustments such as regulating the tax instead of charging the fees, streamlining administration and delegating power to tire lower levels.The Guidelines on Deepening tire Reform of State-owned Enterprises was released, symbolizing the accomplishment of the overall planning ~ the SOE reform.
文摘As the downward trend levels out,companies from China are finding big bargains around the globe.A new wave of Chinese outbound oil acquisitions is expected in the second half of 2015 as well-financed Chinese firms take advantage of struggling companies while oil prices remain low globally,industry insiders say.The huge drop in oil prices over the past year,from US$110 per barrel in early July of last year to below US$50 by the beginning of 2015, has fundamentally shocked the industry. But the prevailing forecast in the business is for price stabilization.
基金Fund project:"Development Research Center of Oil and Gas,Sichuan"(NO.SKY17-04)
文摘After more than 30 years of rapid growth, the Chinese economy has entered the "new normal" of moderately high growth. Due to the effects of multiple factors, the international oil price has remained consistently low. The low oil price has exerted critical effects on international natural gas investment. At the same time, the market-oriented price mechanism of natural gas in China is gradually taking shape; the concept of low carbon development is widely advocated; and the use of natural gas gains popularity in the city. Such factors provide great opportunities for investment in the natural gas market of China, including boiler coal-to-gas transformation, natural gas distributed energy and natural gas vehicles. However, risks also exist, such as the lower competitiveness of natural gas, its excess production capacity and dwindling consumption in some gas consumption industries, an insufficient driving force for facilitating the coal-to-gas transformation of industrial fuel users, reverse substitution of "coal in place of gas" in some enterprises, nontransparent costs of the downstream link of the natural gas price chain, and mismatches and nonsynchronous adjustments in natural gas prices and electricity prices.
文摘Currently ＂The Crude Formulation Technique＂ developed by the SINOPEC Research Institute of Petroleum Processing（RIPP） has passed the technical review sponsored by the Sinopec Corp.This technique by means of adopting the advanced algorithm on the basis of the crude assay data bank and the large crude spectroscopic database can intelligently blend together different kinds of crude oils to obtain multiple crude formulations, the quality of which is quite close to the target crude in a bid to provide technical support to the refining enterprises in the area of crude procurement and sustained property stabilization of crude oils pro-cessed thereby.
基金supported by the National Natural Science Foundation of China under Grant Nos.71003115 and 70903068Collaborative Innovation Center,Research Innovation Team Supporting Plan of the Central University of Finance and Economics,Beijing Higher Education Young Elite Teacher Project under Grant No.YETP0964the Ministry of Education of Humanities and Social Science Youth Fund Project under Grant No.11YJC790114
文摘Petroleum is a kind of fundamental energy resource. Its price fluctuation transmits from upper-stream industry to the lower-stream industry as the production factors price changes. And this leads to the price changes of final consumption. Meantime, due to the cycle of industrial chain, the price changes of lower-stream industry also affect the upper-stream industry in return. This price transmission path is quite complicated. Firstly, it includes both direct and indirect paths; secondly, the transmission process is accompanied with time delay. The traditional input-output price model based on cost-push theory can efficiently solve the first problem when estimating the impact of price fluctuation on the whole price system. However, it neither reflects the dynamic characteristics of price transmission with time nor solves the second problem. To solve this problem, this paper uses the directed weighted network to describe the price transmission among industrial sectors by taking the time-dimension into account, and dynamic price transmission network model is constructed. This model not only describes transmission time delay more accurately, but also calculates the price fluctuation dynamically. On this basis, by utilizing the 2007 Chinese input-output table, this paper conducts empirical analysis on the impact of petroleum price fluctuation on other sectors. The empirical results indicate that the price fluctuation transmission mainly depends on two factors, the orice reaction period Tk and the consumption relationship with petroleum aik. 1） If t 〈 Tk, then the price change of sector k at period t △pkt = 0, the petroleum price fluctuation has not transmitted to the sector k, so the price of sector k remains unchanged. 2） If t 〉 Tk, then Apt 〉 0, and the greater aik, the higher price change rate. 3） If t →∞, it is the same with that in traditional input-output price model. So it can be clearly seen that dynamic price transmission network model is more general than the traditional model, and the traditional model is just an asymptotical special case when time approaches to infinity. Keywords Directed weighted network, input-output price model, petroleum price, transmission time delay.
