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Recently, the person in charge of the China Petroleum and Chemical Industry Association stated that in the first half of the year, China's oil and chemical industry increased its investment in fixed assets. The trend of rapid investment growth in some products with basically balanced supply and demand is worrying.
Yang Weicai, vice president of the China Petroleum and Chemical Industry Association, said at the “2006 China Petroleum and Chemical Economics High-level Forum†that in the first half of the year, China’s petroleum and chemical industry completed a total investment of 213.36 billion yuan in fixed assets, a year-on-year increase of 36.3%, higher than the national average. Out of 6 percentage points, compared with the increase of fixed asset investment in the industry of 34.9% in 2005, there is a trend of further acceleration.
According to Yang Weicai, in the first half of the year, China's crude oil exploration and development and crude oil processing projects completed fixed assets investment of RMB 67.1 billion and RMB 25.3 billion, respectively, and the growth rates were as high as 25.6% and 88.7% respectively. It is worth noting that the investment in the rubber products industry, pesticide manufacturing industry, fertilizer manufacturing industry, and synthetic fiber manufacturing industry, where product supply and demand are basically balanced, have grown rapidly, reaching 66.5%, 48.1%, 45.9%, and 171.1%, respectively, and there is a danger of overcapacity.
According to statistics, investment in nitrogen fertilizers in high-energy-consuming industries in the petrochemical industry has increased by 33.4% this year, investment in chlor-alkali and calcium carbide industries continues to grow, and tire investment has increased by 71.2%. Among them, in traditional chemical products such as caustic soda, soda ash, calcium carbide, pesticides, paints, and dyes, investment in many places has doubled in the first half of the year. “This has caused a surplus of production capacity, exacerbated the pressure on energy supply and environmental governance, and made it more difficult to adjust the industrial structure,†Yang Weicai said.
Yang Weicai, vice president of the China Petroleum and Chemical Industry Association, said at the “2006 China Petroleum and Chemical Economics High-level Forum†that in the first half of the year, China’s petroleum and chemical industry completed a total investment of 213.36 billion yuan in fixed assets, a year-on-year increase of 36.3%, higher than the national average. Out of 6 percentage points, compared with the increase of fixed asset investment in the industry of 34.9% in 2005, there is a trend of further acceleration.
According to Yang Weicai, in the first half of the year, China's crude oil exploration and development and crude oil processing projects completed fixed assets investment of RMB 67.1 billion and RMB 25.3 billion, respectively, and the growth rates were as high as 25.6% and 88.7% respectively. It is worth noting that the investment in the rubber products industry, pesticide manufacturing industry, fertilizer manufacturing industry, and synthetic fiber manufacturing industry, where product supply and demand are basically balanced, have grown rapidly, reaching 66.5%, 48.1%, 45.9%, and 171.1%, respectively, and there is a danger of overcapacity.
According to statistics, investment in nitrogen fertilizers in high-energy-consuming industries in the petrochemical industry has increased by 33.4% this year, investment in chlor-alkali and calcium carbide industries continues to grow, and tire investment has increased by 71.2%. Among them, in traditional chemical products such as caustic soda, soda ash, calcium carbide, pesticides, paints, and dyes, investment in many places has doubled in the first half of the year. “This has caused a surplus of production capacity, exacerbated the pressure on energy supply and environmental governance, and made it more difficult to adjust the industrial structure,†Yang Weicai said.