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Analysis report on China’s Petrochemical Industry
Sunfaith China Ltd, Sep 2004, Pages: 20
(I) Development status of the petrochemical industry in 2003
In 2003, China’s production and management of petrochemical industry has made outstanding achievements. Its development speed and the economic efficiency turned out to be the best in the history. Characteristics of the industry include: stable production growth, rise in the product price, flourishing market demand, further improvement in the sales, increase in the import & export trade value, improvement in the product structure and sound economic operation.
(II) Development status of the petrochemical industry in 2004
Main factors influencing the supply & demand on China’s petrochemical market in 2004: firstly, China now is in the ascending period of growing cycle. GDP growth rate will be maintained around 8%-8.5%. Secondly, American economy as well as the international economy is recovering from the depression. Thirdly, OPEC is confronted huge pressure as it intends to keep oil price via production control. Changes in its quota policy will play an important role in the international oil market. Fourthly, oil production is gradually recovered in Iraq, which has quickened its pace to return to the international petroleum market.
(III) Future development trends of the petrochemical industry
World economy continues to recover in 2004 and China’s GDP growth rate is expected to reach 8.5%. Improvements in the macro-economy and draw of the related industries have provided sound development space for the healthy and rapid development of petrochemical industry. With the publishing of the national macro-control policies, rapid growing trend of the economy will be slowed down; however, the petrochemical industry will remain the rapid growth due to the inertia of economic growth.
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