China will allow private businesses to engage in oil import trade starting next year, "China Business Times" reported.
The newspaper quoted sources with the Ministry of Foreign Trade and Economic Cooperation as saying that the decision was made in accordance with China's commitments made on joining the World Trade Organization (WTO).
China became a full member of WTO on December 11 this year.
The ministry set an import quota of 7.2 million tons of crude oil and 4 million tons of finished oil products for private businesses in 2002, and the quota will increase at an annual rate of 15 percent in a transitional period.
China now imports about 70 million tons of crude oil a year. The import of crude oil is currently monopolized by four companies designated by the state.
(China Daily December 29, 2001)
