China’s Oil Refining Industry: From Quantity to QualityAfter a period of rapid development, China’s refining industry is moving into a high-quality development stage towards a healthier industrial structure, supported and guided by favorable government policies. Total capacity is expected to reach ca. 1 billion tons by 2025.Market Dynamics Starting from 1978, China’s oil refining industry experienced four major development stages: After an early stage, the scale of SOE’s refining capacity expanded rapidly in the 2020s due to rising demand and extensive new construction (esp. Sinopec and PetroChina). Afterwards, the industry developed steadily, and so-called Teapot refineries entered the picture as …