Portions of this article first appeared in China Law & Practice,February 2004,18(1),pp.19-27 and is reproduced with the permission of Eu-romoney (Jersey) Publications (Jersey) Ltd.The China energy challenge creates both risks and opportunities for foreign investors.Opening China's oil and gas sector to foreign investment is seen as one way to raise production capacity and stimulate output,but this inevitably leads to a dilemma as the government seeks to keep its state companies competitive.
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