Crude oil futures timely launch of seizing pricing power – the city – Financial Highlights – Sina Sina
Posted on May-31-2008· by china investor
After each from Shanghai's Wang Lu
This year, international crude oil prices hit record highs, increased risk of fluctuations in oil prices, oil supply tension, China's refined oil pricing system contradictions have become increasingly prominent. May 29 in Shanghai Derivatives Market Forum, the industry for this phenomenon pointed out that China should adopt market-oriented means to change the current price system, actively promote the building of crude oil futures market, oil futures listed in good time, to participate in the Asia-Pacific oil pricing Centre competition.
Domestic oil pricing system embarrassing situation
The current domestic oil pricing system is facing an awkward dilemma. Assistant general manager of Shanghai Futures Exchange Jue Chu pointed out in a speech in the sea, such as the abolition of the Government Zhidao Jia finished oil products, will shortly raise oil prices, weak in the cost of living increase, but long-term sustainability of the economy have adversely affected. Refinery losses, lack of power imports, tight supply, price protection has also stimulated the consumption of oil is not conducive to energy conservation and promoting the development of high-energy consumption industries, not conducive to industrial upgrading and the development of renewable energy.
Jue Chu Hoi said that the majority of people still in China as the main form of public transport, the current price subsidies essentially a subsidy to the rich as the car owners Moreover, the large number of high-energy consumption products and low-cost export subsidies in the world . Such a policy is unreasonable, to be adopted market-oriented solution.
Introduced crude oil futures to win pricing power
Chu Jue to the sea, and improve China's oil market system, should actively promote the building of crude oil futures market, oil futures listed in good time, to participate in the Asia-Pacific Centre for oil pricing competition. At present some countries, such as the Asia-Pacific region has been re-start of the Dubai crude oil futures. Chu Jue sea that once Dubai, Russia and other countries in the oil market improved, China's construction costs will be greatly increased.
State Council Development Research Center of the Ministry of Industry researcher Yang Jianlong from energy security point of view that the establishment of the need for the oil futures market. And said that the current international oil price volatility mainly with the U.S. season, warehousing and other changes in circumstances, the information is in the hands of foreign markets investors, set up China's oil futures market to reflect the supply and demand situation in China, embodies the advantages of domestic enterprises.
Can establish offshore oil futures market
Experts in the futures market specific building is a number of recommendations. Chu Jue sea that weaker industries from the refined oil consumption, making a smaller proportion of its gasoline consumption with a more market-oriented conditions. 基本相当，燃料油期货已ç»æˆåŠŸä¸Šå¸‚交易，那么汽油实现完全市场化è¿è½¬ä¹Ÿåº”当ä¸ä¼šå‡ºçŽ°é—®é¢˜ã€‚ Moreover, China's consumption of gasoline and rather basic, fuel oil futures trading has been successfully listed, then the petrol to be completely market-oriented operation should not be a problem.
Yang Jianlong, may consider the establishment of offshore oil futures market to dollar-denominated, offshore trading, the local delivery. This approach can bypass the foreign exchange and capital controls and other financial barriers to ensure that domestic and international traders are involved in the transaction, in the variety and choice of delivery can also take full account of our own trade, production-related factors, is conducive to the establishment of China The impact of international oil futures market.
Yang Jianlong said that the current high international oil prices, the Government is facing increasing pressure on the CPI, but is expected to enter the country after the 2009 CPI will become more stable, the international oil price will also drop, then prices for reform will have more Good external environment. chinainvestor:本版contents of the article was supplied by MarketWatch, does not constitute investment advice. Investors this operation, own risk.
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