China's crude and refined oil market will be open to the world in 2007, said a senior official from China's Ministry of Commerce on January 30.

Jiang Zengwei, Deputy Minister of Commerce, said in a conference that a diversified market would accelerate the reform of China's oil market.

Jiang said that as a commitment to the WTO, China opened its retail and wholesale oil markets on December 11, 2004, and December 11, 2006. Investors from all countries have the opportunity to access China's market with their money, technology and services.

Domestic civilian-run enterprises and private companies also have the chance to access China's oil market. As the oil market grows, China should both open it and improve management, Jiang said.

By People's Daily Online