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China to improve petrochemical industry

Updated: Aug 3,2016 2:28 PM

China will optimize the structure of its petrochemical industry and boost green development, according to a guideline issued by the State Council on Aug 3, 2016.

Since the reform and opening-up, China’s petrochemical industry has witnessed major development as petrochemical product output ranks globally among those at the top.

But at the same time, problems such as overcapacity, inadequate innovation, unimproved industrial structure, and increasing environmental protection pressure hinder the industry’s further development.

To solve such problems, the State Council set targets to reduce outdated technology and production facilities and close down hazardous chemical production enterprises in populated regions and environmentally sensitive areas.

To advance green development, energy consumption, dioxide emission and water usage per 10,000 yuan industrial added value will be lowered 8 percent, 10 percent, and 14 percent, respectively, compared with the indicators in the 12th Five-Year Plan period (2011-2015).

The State Council also plans to increase the industry’s innovation capabilities as investment in scientific research will account for more than 1.2 percent of the industry’s revenue.

To transform traditional industry, advanced technologies for clean production and intelligent control will be applied to improve current manufacturing facilities and production quality and lower energy consumption.

Efforts also will be made to promote corporation merger and reorganization, strengthen international production capacity cooperation, improve industrial policies, increase financial support and strengthen industry regulation.