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China to cautiously follow international oil price
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15:48, August 04, 2009

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Since the beginning of 2009, China has modified the price of refined oil several times according to price fluctuations in the international market. This includes three occasions when China increased the price of refined oil within limits and two occasions when China decreased it. This has played a positive role in motivating oil refining enterprises and guaranteeing supply in the domestic refined oil market.

According to the National Development and Reform Commission, over 50 percent of China's oil consumption depends on foreign trade, and the proportion continues to increase year by year. Because China's economic structure is unsuitable, the economic growth has an extensive pattern, oil consumption is too high and the level of wastage is quite severe. Therefore, promoting the price reform of refined oil and rationalizing its price will help price fully play its role as leverage, saving oil resources and protecting the environment. It will also help upgrade China's economic development pattern realizing sustainable economic and social development.

Under the current system, there are still many issues in promoting price reform. The next stage is for relevant departments to continue to firmly implement the refined oil price mechanism approved by the State Council. Meanwhile, they will also fully consider the affordability of refined oil, and timely adjust and control its price.

By People's Daily Online

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