Abstract: China's rapid economic growth results in an increase of crude oil demand. At present,China is being on the period of strategic opportunity to develop crude oil futures. However, China's crude oil futures listed is facing many problems. For example,the types of petroleum upstream market is single,non-state-owned quantity of crude oil import is limited,petroleum circulation market is monopolized by few companies, prices of refined oil are controlled by government,RMB free exchange market isn't opened etc. This paper will focus on these issues to investigate. It will play a role in promoting the development of China crude oil futures.