Feasibility Study on the Financing of Oil Trade Warehouse Receipts in China (Zhejiang) Pilot Free Trade Zone Based on Digital Supervision

Author(s): Rulang Wang, Meng Wang, Lei Lyu

Oil products are important commodities related to the national economy and the people's livelihood. The order of oil products market is related to the safety of people's lives and property and the stability of the entire market economic order. After the gradual opening of the domestic oil market, private oil enterprises have gradually become a main force to maintain the stability of the oil market and promote the circulation of oil products. With the increasingly fierce competition in the industry, the price of oil products has risen too fast, and private oil companies are facing capital problems and are difficult to conduct business. Warehouse receipt financing business is proposed as a solution to the problem timely. This paper combines the hardware and software facilities of the oil industry chain in the China (Zhejiang) Pilot Free Trade Zone, using the oil storage supervision system and blockchain technology, together with oil enterprises, warehousing enterprises, trading platforms and banks, to build the oil warehouse receipt financing system. It is proved that the financing of oil warehouse receipts in the China (Zhejiang) Pilot Free Trade Zone can avoid most risks and form a win-win situation.

Warehouse receipt financing; Oil trade; Blockchain; Internet of Things; Zhejiang Free Trade Zone

1. Weichang Duan. Research on standard warehouse receipt financing mechanism under blockchain framework [J]. Financial Theory and Practice, 2018 (06): 54-58
2. Rulang Wang, Meng Wang, Ziyang Hu, Tianci Ma. Exploration of the development direction of refined oil traders in the Zhejiang Free Trade Zone under the new business situation [J]. China Business Review, 2022, No.853 (06): 14-16. DOI: 10.19699/j.cnki.issn2096-0298.2022.06.014
3. Gang Zhang. Suggestions on regulatory measures for refined oil market in the context of institutional reform and energy structure transformation [J]. Journal of the Petroleum and Chemical Management Cadre College, 2022,24 (03): 45-48
4. Xifu Chen. The current situation of China's refined oil consumption tax regulation and relevant suggestions [J]. International Petroleum Economics, 2021,29 (09): 45-52
5. Chen Zhang. Research on international trade financing of small and medium-sized enterprises in China [D]. Shandong University, 2013
6. Haiyang Zhu,Liang Chen. Research on bulk commodity spot warehouse receipt financing and trading based on blockchain technology [J]. Cyberspace Security, 2019, 10 (11): 26-31+47