Excerpt from the report Overview located at http://www.iea.org/publications/freepublications/publication/name,3755,en.html
To prevent a potential shock to the economy caused by an oil supply disruption, the Chinese government has been steadily pushing building an oil stock reserve system. China has completed four stockpiling facilities with a capacity of around 103 mb in the first phase of its Strategic Petroleum Reserve (SPR) plan, and has begun construction of its second phase, which comprises eight storage sites that will reportedly have a combined capacity of around 207 mb. Among them, two sites were completed in the second half of 2011 and the Tianjin site is reportedly set to be completed in 2012. According to unofficial reports, the remaining four SPR-II sites are expected to become operational by 2013. The third phase is expected to boost total SPR capacity to approximately 500 mb by 2020. Stockholding obligations for industry may be considered, but are not now a formal part of the emergency response system, authorising legislation for which is still in preparation.