The Chinese government emphasised more comprehensive market reforms. We believe that the energy reform should not be evasive and that it must be about energy price reform, allowing the market to play a 'decisive' role in resource allocation and further liberalise competition in the formation of energy prices. With reduced government intervention, more structural reform could result in the breakup of monopolies, allowing for more competition and the liberalisation of oil imports. However, this process could be slow. Nevertheless, given time, China’s energy market is bound to become more efficient and competitive.