Research On The Structural Reform Of The Supply Side Of China's Petroleum Industry

With the continuous advancement of industrialization,petroleum has become one of the indispensable energy sources in China.It is the "blood" of modern industrial production.As an important component of national economic development,the rapid development of the petroleum economy can drive the development of the national economy.The delay in the development of the petroleum industry will also slow the progress of the national economy.The development of the oil industry not only relates to the economy of a country,but also relates to the country’s energy security.In 2017,net imports of petroleum products,including petroleum,liquefied petroleum gas and other products,reached 418.8 million tons,and the dependence on imports increased to 72.3%,of which crude oil imports reached 420 million tons and apparent consumption reached 607 million.Tons,the degree of foreign dependence as high as 81.6%,China has surpassed the United States to become the world’s largest crude oil importer.Since 2015,due to the sharp drop in international oil prices and many other uncertainties,outstanding issues that have emerged in the development of China’s oil industry have surfaced,mainly in terms of:excess low-end productivity,high quality,and high Inadequate value-added products;The overall inventory turnover rate and asset-liability ratio of the industry are high;The resource factor cost has grown too fast,resulting in the over-all cost of the oil industry High;R&D investment is relatively low,innovation-driven development is insufficient.To solve a series of problems facing the development of the petroleum industry under the new normal,we must innovate the system and mechanism of the petroleum industry and carry out structural reforms on the supply side.Firstly,the article theoretically defines the supply-side management and demand-side management,and distinguishes the difference between supply-side structural reform and supply-supply school,and clearly points out that the theoretical basis for "supply-side structural reform" is not the Western "supply school",which it is a theoretical innovation in itself,and there is a fundamental difference from the"supply school".Then from the supply side,the present situation of the oil industry in China and its existing problems are analyzed in depth.The measures to reform the supply side of the UK,the United States,and Germany include the reduction of taxes,the reduction of government interventions,and the tightening of monetary and fiscal policies.Finally,based on the problems of serious overcapacity,high inventory,high leverage,high cost,and short board in the petroleum industry,the oil companies’"three-going,one-complementing,and one-lower" oil companies are selectively drawn from the experiences of foreign supply-side reforms.Measures,and proposed safeguard measures for the structural reform of the supply side of the oil industry.