Citing China’s highly monopolized petroleum industry with several enterprises controlling exploration, mining, refining, wholesale, retail, and even imports and exports, Shen and Qian promote
basic measures for oil industry reform: 1) cancel monopoly powers and some of the administrative powers of the oil monopoly enterprises; 2) establish an independent and neutral regulatory
entity for the energy industry; 3) fully open the market for the oil and gas industry; 4) abolish price regulation. They note that the success of market-oriented reform will facilitate the
prosperity of non-state-owned enterprises and create numerous job opportunities, which will more than compensate for the decrease in job opportunities in state-owned enterprises. Annotation
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