Development of the Petroleum Trading System and Countermeasures under the Trade Friction Between China and the US

Abstract

Since 2018, the trade relationship between China and the United States has gradually become tense. Under these circumstances, China has been impacted from many aspects. As one of the world's largest importers of crude oil, the impact of Sino-US trade friction on Chinas oil trade cannot be ignored. This thesis discusses the impact of Sino-US trade friction on China's oil trade system and analyzes the impact on oil trade after the outbreak of the Sino-US trade war, as well as the dilemma and countermeasure analysis brought by the trade war. This thesis begins with the background and causes of the trade friction between China and the United States. Through overviewing the development of China's petroleum trade system, this paper explores the impact of the U.S.-China trade friction on China's oil trading system, the dilemmas posed by the trade war, and proposes countermeasures. These experiences and suggestions have certain guiding significance for promoting the reform and development of China's oil trade system.