CHONGQING - Chongqing Oil and Gas Trading Center was set up Thursday to deepen energy price reform and enhance international energy cooperation, China's top economic planner said.

It is the second national-level trading center for the commodity market following Shanghai Oil and Gas Trading Center founded in 2015.

The new trading center aims to further deepen China's oil and gas price reform and strengthen energy cooperation with overseas countries, sources with the National Development and Reform Commission said.

China's southwestern city Chongqing has rich oil and gas resources and plays a leading role in the exploration and production of shale gas across the country.

Shareholders mainly come from large enterprises in the oil and gas industry.