Opening Up China's Markets of Crude Oil and Petroleum Products : World Scientific Publishing : 9789814603966 : 9814603961 : 26 Mar 2015 : This book provides a comprehensive and unique perspective on China's oil and natural gas industry and a practical roadmap to undertake 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 develops with 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 syste