Abstract
People’s Republic of China (PRC), was founded in 1949 with ambitions of rapid industrialization and economic growth but with insufficient oil and gas resources. Due to the rapid development of the Daqing and Shengli oilfields in north-east China in the early 1960s, the country reached self-sufficiency in oil production with surplus for export (Lee, 2005). Taking advantage of the first international oil crisis in 1973, China began to sell crude oil to Thailand, the Philippines and Japan in exchange for necessary equipment and technology (Zha, 2006). Despite these initial developments, China was never able to find a proper institutional setting to oversee its energy sector.
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© 2014 Karolina Wysoczanska
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Wysoczanska, K. (2014). The Institutional Setting of China’s Energy Policy. In: Yao, S., Herrerias, M.J. (eds) Energy Security and Sustainable Economic Growth in China. The Nottingham China Policy Institute Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137372055_4
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DOI: https://doi.org/10.1057/9781137372055_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-47595-7
Online ISBN: 978-1-137-37205-5
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