Li Rongrong, director of the State Administration for State-Owned Assets, addressed a press conference held by the State Council Information Office on the morning of December 22, stating that competition among domestic oil companies is relatively moderate and there is no monopoly. When asked about concerns over the dominance of major central state-owned enterprises, Li emphasized that China's oil sector is divided into three main players: PetroChina, Sinopec, and CNOOC.
He pointed out that globally, 76% of the top 50 oil-producing and consuming countries have only one national oil company, while 20% have a small number of companies, generally no more than three. Therefore, he argued, China’s level of competition in the oil industry is considered healthy and effective. This is reflected in the positive contributions these companies make to society, including tax payments, corporate performance, and shareholder returns, all of which have improved significantly.
Moreover, consumers also benefit from stable domestic fuel prices despite rising international crude oil costs. Li highlighted that state-owned enterprises (SOEs) serve the public interest, and their profits ultimately benefit the people. He added that the strong performance of SOEs has played a key role in supporting China's steady and rapid economic growth.
In the past two years, the net profit increase across 169 central enterprises reached nearly 100 billion yuan. Last year, central enterprises paid 466.5 billion yuan in taxes, and this year’s tax revenue is expected to reach 550 billion yuan. Last year’s profits totaled 488 billion yuan, with an estimated 600 billion yuan expected this year. Li attributed much of this success to healthy competition, noting that very few industries in China are dominated by monopolies. He concluded that the performance of these enterprises deserves recognition and should not be underestimated.
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