China is revamping its domestic aviation fuel pricing - a system that is not yet directly linked to global oil prices currently.

Yesterday, the nation's top economic planner, which sets policy and prices, announced the delivered cost of imported aviation fuel for August, at about 153 US dollars a barrel.

Analysts are viewing this as a big step, because it's seen a precursor for policy makers to reform more sensitive transportation fuels - that is, gasoline and diesel. Put simply, it's a step towards the free market reform - the ultimate goal of which is to let market forces determine the nation's retail fuel prices.