While China's oil security problem has disconcerted the Chinese government, it has also drawn world attention. What are China's oil security perceptions? How and why has China adopted a state-managed marketization approach (SMMA) to oil security? And in what sense is China's SMMA a divergence from the international practice? This book provides an in-depth study and a systematic analysis to these issues, through the prisms of energy security perceptions, domestic policies, institutional reform, and oil diplomacy. Rather than merely sketching out China's energy situation and countermeasures, this book expounds the motives behind those measures at great length, in comparison with other countries.The author argues that the SMMA has primarily resulted from the interactions between the Chinese government and the national oil companies (NOCs). Challenging the conventional analysis which treats Chinese NOCs as an extension of state policies, this book tries to decipher their interactions and influence on China's perceptions and measures on energy security, and further analyzes the implications for State-SOEs-Market relations under globalization.