International oil company approved for refined oil wholesale in China

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The first foreign-owned international oil company in China has won the qualification for refined oil wholesale.

Shell Petroleum Trading Co., Ltd., a wholly-owned subsidiary of Shell China in east China's Zhejiang Province, obtained approval from Chinese Ministry of Commerce to be a wholesaler of China refined oil

In recent years, China has eased the limit for foreign oil companies operating in China. Shell runs 14 gas stations in Zhejiang Province, more than any other province in China.

Amid falling foreign direct investment on global scale, China bucks the trend and records growth.

The latest statistics from Chinese Ministry of Commerce shows that China's actual use of foreign capital in 2018 reached 885.6 billion yuan (132 billion U.S. dollars), up by 0.9 percent year on year. China continues to be the developing economy that attracts the most foreign investment and the second largest country with foreign direct investment (FDI) inflow.

In June 2018, China unveiled a shortened negative list for foreign investment, with the number of items down to 48 from 63 in the previous version. The new list widens market access for foreign investment in primary, secondary and tertiary sectors, detailing 22 opening-up measures in fields including finance, transportation, professional services, infrastructure, energy, resources, and agriculture.

Meanwhile, China's latest version of the negative list for the country's pilot free trade zones was also released, with the number of items trimmed down to 45 from 95, including areas of agriculture, manufacturing, mining, wholesale and retail, transportation, information technology and finance.

Going forward, the National Development and Reform Commission will further level the playing field for foreign-invested companies in areas of government purchasing, standard setting, industrial policy, license and qualification, according to the commission's spokesman Meng Wei.