中国高价进口大量原油，却低价出口成品油，为何要赔本赚吆喝？

Core Viewpoint - China's strategy of importing crude oil at high prices while exporting refined oil at lower prices is not merely a loss-making business but is deeply intertwined with national energy security, tax policies, and industrial layout [3][25]. Taxation - The significant difference in pricing between domestic and exported refined oil is largely influenced by China's tax policies, particularly the "processing trade" model, which allows for tax exemptions on imported crude oil and exported refined products [7][9]. - The tax structure encourages companies to enhance refining capabilities and expand international market share, rather than simply incurring losses [9][10]. Transportation Costs - The high costs associated with transporting refined oil, such as shipping fees and operational expenses, are factored into pricing strategies, allowing Chinese refineries to remain competitive in the Asian market [14][16]. - The scale advantages of Chinese refining bases, which integrate logistics and production, help to mitigate costs and enhance pricing competitiveness [18][20]. Refining Capacity Overcapacity - China's refining capacity currently stands at 1 billion tons per year, while domestic demand is only 390 million tons, leading to significant overcapacity [20][22]. - The shift towards electric vehicles and renewable energy sources has reduced domestic oil consumption, necessitating exports to manage excess capacity [20][24]. - Some refineries are transitioning to produce higher-value chemical products, which can yield significantly higher profits compared to traditional refined oil [20][24]. Strategic Implications - The export of refined oil serves not only as a means to manage excess capacity but also as a strategic move to build geopolitical relationships, particularly in regions like Southeast Asia and Central Asia [22][24]. - The current pricing strategy is viewed as a short-term sacrifice for long-term gains, positioning China favorably in the global energy transition landscape [24][27].