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Industry Economic Situation Analysis Conference Held in Beijing
In 2007, China's oil and chemical industry is projected to achieve an industrial output value of 5.2 trillion yuan, sales revenue of 5.1 trillion yuan, a profit of 530 billion yuan, total import and export volume of 310 billion U.S. dollars, and fixed asset investment of 635 billion yuan. These figures represent growth rates of 21.8%, 22.5%, 21%, 22%, and 34% respectively. Looking ahead to 2008, the industry is expected to see an increase in total industrial output by around 18%, sales revenue by approximately 20%, profits by about 19%, import trade by roughly 18%, export trade by nearly 25%, and fixed asset investment by more than 20%. This information was shared at the 2007 China Petroleum and Chemical Industry Economic Situation Analysis Conference held in Beijing on December 19th. During the event, the China Petroleum and Chemical Industry Association officially released its "China Petroleum and Chemical Economic Operation Report."
Li Yongwu, President of the China Petroleum and Chemical Industry Association, outlined five key goals for the industry’s future development: maintaining economic stability, implementing energy conservation and emission reduction measures, optimizing industry structure, promoting technological innovation, and advancing responsible care to support social harmony.
Meng Quansheng, Vice President of the association, delivered a keynote speech highlighting seven notable characteristics of the industry’s performance in 2007. These included sustained rapid production growth, increased focus on energy efficiency and environmental protection, progress in structural adjustments, improved supply security for agricultural inputs, enhanced technological innovation, growing consensus on responsible care, and active industry investment, especially from multinational companies.
The report also analyzed the industry's operations from 1998 to 2008, noting that rising crude oil prices have intensified supply-demand imbalances across the oil, petrochemical, and chemical sectors. It warned that the industry will face challenges in four key areas: cost management, market dynamics, product differentiation, and industry restructuring.
The conference provided valuable insights into the current state and future direction of China's petroleum and chemical sector, emphasizing sustainable development and long-term resilience. The image below captures the atmosphere of the event.