China mulls oil stabilization fund

The Chinese government is considering setting up an oil stabilization fund to stabilize oil supply and demand, the SinopecNews reported.

The fund, likely to be launched within this year, is expected to further contribute to China's oil reserve and supply as well as the country's economy, said industry insiders.

The proposed fund will become another super-large-sized fund in addition to the National Social Security Fund (NSSF).

Reportedly, China's top decision makers have been studying on the establishment of the government-led investment institution.

China has implemented the refined oil price tax reform and collected the refined oil consumption tax since the beginning of this year.