Sinopec's policy opens doors to private investment

Reform | Mike Bastin

It wasn't surprising that China Petroleum & Chemical Corp (Sinopec) has announced plans to open up its domestic marketing and distribution operations to private investors.

The announcement came soon after the central government vowed to promote mixed ownership and increase the role of private investment in the economy. Sinopec's move was the first step, and a big one, toward ending the dominance of large State-owned enterprises.