China''''s Petroleum Market Reform: A View from Trading Mode Evolution of International Strategic Commodity
从国际战略性大宗商品交易方式演变看中国石油市场改革

Trading modes play an important role in commodity pricing and enterprises competition in the international strategic commodity markets nowadays.There are some tendencies in trading modes such as diversified and multi-leveled transaction forms,market-oriented transaction mechanism and alliances in international sale and purchase.These tendencies have influenced the commodity markets in many ways.Commodity futures prices have been the bench mark for spot tractions pricing.Enterprises competition has expanded from the spot markets to the whole market system including derivatives markets.Enterprises which can access the derivatives markets easily gain competitive advantages over those which face the barriers or have higher cost when entering these markets.Other influences are that trade organization alliances have the superiority in price bargaining in the international commodity market.Some lessons are learned from the research on the evolution of the international commodity trading modes for China's petroleum market.Path and procedure should be taken into consideration to develop the oil futures market.We can develop different oil futures contracts from the New York Mercantile Exchange(NYMEX) and the International Petroleum Exchange(IPE) which is in accord with Asian petroleum markets and reflects the demand and supply characteristics of Asia including China.In spite of our highly monopolized oil supply market,QFII can be introduced in the development of China's oil futures market to connect with the international petroleum markets which are comparatively competitive.Shanghai Petroleum Exchange Market should be changed into an OTC petroleum market steadily,which can promote the development of the exchange market at the same time.Other enlightenments are that the reform of the oil industry administration system,especially the import and export system,should be performed with market ideology.The key issue in building purchase alliance should be the system design which is consistent with the monopolization system reform in China's petroleum markets.