First, crude oil is freely traded by a wide variety of global 

participants on a multilateral basis. An internationalized crude 

oil futures market in China may more accurately reect the spot 

market, thereby better support the real economy.

Second, China is a net oil importer, with imports exceeding 70% 

of its total consumption. Globalizing the futures market and 

allowing international participation helps re-balance the relative 

power of oil buyers and sellers, resulting in a more robust market 

mechanism.

Third, with the participation of international investors, the crude oil 

futures market may help China to gain a voice in the international 

crude oil market.

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