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China’s Oil and Gas Industry: Stranded Between the Plan and the Market

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States and Markets in Hydrocarbon Sectors

Part of the book series: International Political Economy Series ((IPES))

Abstract

Over the last 20 years, the role of the market in China’s economy has steadily grown so that much of the economy is driven almost entirely by market forces with minimal and sometimes too little regulation. The energy sector is a major exception to this trend, for private ownership and market forces continue to play only a subordinate role. Majority ownership of most energy-production companies (oil, gas, coal, power) lies in the hands of the state, though often at sub-national level, while prices for refined oil products, natural gas, and electricity are controlled by the government. Yet, the state is not all-powerful. State-owned energy companies have been commercialized and partially privatized and have developed their own strategies to maximize revenues and profits, both at home and overseas.

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  1. Philip Andrews-Speed
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Editors and Affiliations

  1. University of Tartu, Estonia

    Andrei V. Belyi (Senior Researcher) (Senior Researcher)

  2. University of Eastern Finland, Finland

    Kim Talus (Professor) (Professor)

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© 2015 Philip Andrews-Speed

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Andrews-Speed, P. (2015). China’s Oil and Gas Industry: Stranded Between the Plan and the Market. In: Belyi, A.V., Talus, K. (eds) States and Markets in Hydrocarbon Sectors. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137434074_11

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