The five years since 2002 of China’s petroleum and chemical industries have been the fastest growing five-year total industrial output value and various indicators. In 2007, the industry’s total industrial output value reached 5.32 trillion yuan, an increase of 254.5% over 2002, and the average annual growth rate for the past five years reached 28.8%, which was significantly higher than the growth rate of GDP. At present, China has more than 20 major chemical products in the world. Among them, synthetic ammonia, fertilizers, pesticides, sulfuric acid, synthetic fibers, calcium carbide, caustic soda, and dyes rank first in the world, and crude oil processing, ethylene, synthetic resins, synthetic rubber, tires, and coatings rank second in the world.
Over the past few years, the production and sales ratio of China's petroleum and chemical products has remained at over 98%, and the import and export trade has grown substantially. In 2007, the total import and export trade volume of the industry reached 319.8 billion U.S. dollars, an increase of 252.9 percent from the figure of 90.56 billion U.S. dollars in 2002. In addition to crude oil and some refined oil, imported products mainly focus on synthetic resins, some organic raw materials and intermediates, and fine specialty chemicals. At present, China has become the world's largest consumer of polyolefins, synthetic fibers, and synthetic rubber. Among them, rubber consumption and imports of natural rubber ranked first in the world for six consecutive years, polyolefin imports exceeded 30% of global trade volume, and synthetic fiber consumption accounted for 1/3 of the global total.
In recent years, foreign capital has increased its investment in China's oil and chemical industries. According to statistics, by 2007, a total of 2,432 large-scale investment enterprises have been set up by foreign companies, accounting for 8% of the total number of companies in the industry. The total industrial output value has reached 650.9 billion yuan, accounting for 12.2% of the total industry. Almost all of the world's top 500 oil and chemical transnational corporations have set up enterprises in China, and many companies have also moved their regional headquarters and R&D centers to mainland China. At the same time, Hong Kong, Macao and Taiwan-funded enterprises have also increased their investment in the mainland. By the end of 2007, Hong Kong, Macao, and Taiwanese companies had invested in 1848 large-scale enterprises, accounting for 6.7% of the total number of industries, and completed industrial output value of 375.4 billion yuan, accounting for 7.1% of the industry's total output value. It can be said that China has become a world leader in the production and consumption of petroleum and chemical products.
Over the past few years, the production and sales ratio of China's petroleum and chemical products has remained at over 98%, and the import and export trade has grown substantially. In 2007, the total import and export trade volume of the industry reached 319.8 billion U.S. dollars, an increase of 252.9 percent from the figure of 90.56 billion U.S. dollars in 2002. In addition to crude oil and some refined oil, imported products mainly focus on synthetic resins, some organic raw materials and intermediates, and fine specialty chemicals. At present, China has become the world's largest consumer of polyolefins, synthetic fibers, and synthetic rubber. Among them, rubber consumption and imports of natural rubber ranked first in the world for six consecutive years, polyolefin imports exceeded 30% of global trade volume, and synthetic fiber consumption accounted for 1/3 of the global total.
In recent years, foreign capital has increased its investment in China's oil and chemical industries. According to statistics, by 2007, a total of 2,432 large-scale investment enterprises have been set up by foreign companies, accounting for 8% of the total number of companies in the industry. The total industrial output value has reached 650.9 billion yuan, accounting for 12.2% of the total industry. Almost all of the world's top 500 oil and chemical transnational corporations have set up enterprises in China, and many companies have also moved their regional headquarters and R&D centers to mainland China. At the same time, Hong Kong, Macao and Taiwan-funded enterprises have also increased their investment in the mainland. By the end of 2007, Hong Kong, Macao, and Taiwanese companies had invested in 1848 large-scale enterprises, accounting for 6.7% of the total number of industries, and completed industrial output value of 375.4 billion yuan, accounting for 7.1% of the industry's total output value. It can be said that China has become a world leader in the production and consumption of petroleum and chemical products.
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