China's Reforms Stumble At The Pump
中国成品油定价机制改革遭遇两难
In China, reform never comes easy.
在中国，改革从来都不是件容易的事。
Under Beijing's own rules, an increase in gasoline and diesel prices is several weeks overdue.
按照中国政府的价格管理办法，汽油和柴油价格的上调已经晚了几个星期。
Reforms enacted in January mean China's domestic fuel prices should move more in line with global crude oil. Specifically, a more than 4% increase in crude-oil prices over 22 days should trigger an increase at the pump.
今年1月份实施的石油价格管理办法规定，中国国内成品油价格将进一步和全球原油价格走势同步。具体而言，如果国际原油价格连续22个工作日移动平均价格上涨4%，国内成品油价格将作相应调整。
Since Beijing last raised fuel prices, in March, the new standard has been easily met. Jet-fuel prices were raised on Tuesday, but gasoline and diesel prices remain unchanged.
自北京3月份最后一次上调成品油价格以来，国际油价波动已经轻松达到了新规定的要求。中国于周二上调了航空燃油价格，但汽油和柴油价格尚未调整。
The delay points to Beijing's dilemma with market-based reforms in sectors like oil. Moving on from the old fuel-price-cap system should help China's refiners, and mitigate the need for Beijing to subsidize their loss-making activities. But higher fuel costs could hurt China's manufacturers, hindering the economy's nascent recovery.
延迟调整油价折射出了北京对石油等行业进行市场化改革方面所面临的两难困境。改革原有的成品油限价机制应有助于提高中国炼油商的业绩，降低北京给这些公司亏损业务提供补贴的需求。但成品油价格上涨可能会冲击到中国的制造业，阻碍中国经济初露萌芽的复苏。
China Petroleum & Chemical, or Sinopec, the country's top refiner, saw profits drop 47% in 2008, with the cost of its oil imports remaining above its state-capped selling prices for much of the year.
作为中国最大的炼油商，中国石油化工股份有限公司2008年利润下滑了47%，因为去年很多时候原油进口价格都高于国家设定的销售价上限。
Its shares have done better in 2009 on hopes Beijing will stick to its reforms. Properly implemented, the system should give companies like Sinopec a more reliable margin for refining.
中国石化的股价今年表现不错，因为市场预计中国政府会坚持定价机制改革。如果实施得当，该机制应能给中国石化等公司带来更为可靠的炼油利润。
Beijing's retreat into opacity is setting back such hopes.
但随着北京的政策重新回到不透明度状态，此类预期也遭受了挫折。
Andrew Peaple
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