The stable investment in the petrochemical industry became a backdrop for the downturn

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In the first half of the year, both the macroeconomic national economy and the economy of the petroleum and chemical industries all experienced a sustained slowdown in growth rates, and the pressure of downward pressure was unprecedented. However, the investment in the oil and chemical industries still maintained a rapid growth rate, and the investment structure was further optimized, becoming a brighter color in the context of the downturn.

According to statistics from the China Petroleum and Chemical Industry Federation, from January to June, the investment in fixed assets of the petroleum and chemical industries reached 734.172 billion yuan, an increase of 30.7% year-on-year, and the growth rate was about 11 percentage points higher than that of the same period of last year. The monthly rate also accelerated by 2 percentage points, 10.3 percentage points higher than the national fixed asset investment average, which was 6.9 percentage points higher than the national industrial fixed asset investment growth rate.

Li Yongwu, president of the China Petrochemical Federation, said that today’s investment is the foundation and driving force for the economic growth of the petrochemical industry tomorrow and is the key to reversing the current difficult economic situation.

In the first half of the year, the investment in the chemical industry sector and the oil and gas exploration sector showed a relatively large increase, while the investment in the refining sector slowed down. The investment in oil and natural gas exploration industry accounted for 11.4% of the total investment in the industry, a year-on-year increase of 3.3%; the proportion of investment in the chemical industry accounted for 73.3%, which was the main area of ​​investment attraction in the first half of the year and the largest increase in the sector, with a year-on-year increase of 34.9%. .

The deputy director of the Information and Marketing Department of the China Petroleum and Chemical Industry Federation, Zhu Youp, said that the substantial growth in oil and gas exploration and investment in the chemical industry is determined by the steady and steady increase in China's national economy, and the rigid demand for energy resources and basic chemicals. Although the increase in GDP in the first half of the year fell below 8%, the growth rate of 7.8% for China’s huge economic aggregate is still a considerable figure. In the first half of the year, there was a huge loss in the refining sector, which was the main reason for the slowdown in investment in the refining sector.

What's more exciting is the further optimization of investment direction. In the chemical industry sector, the investment in synthetic materials reached 70.898 billion yuan in the first half of the year, an increase of 72.2% year-on-year, ranking first in the chemical industry and accounting for 13.2% of the total chemical investment. Of particular note is that the investment in specialty chemicals reached 123.08 billion yuan, an increase of 20%, accounting for 22.9% of the total investment in the chemical industry; and the investment in rubber products was 58.605 billion yuan, an increase of 16.7%, and the growth rate was steadily increasing.

At the same time, the reporter learned that there has been positive growth in large-scale energy and chemical projects with high technological content, good environmental protection and economic benefits, significant economic growth, and strategic emerging industries that are encouraged by the development of national policies.

In the second half of the year, it is expected that the country will initiate some pre-adjustment and fine-tuning measures that are conducive to promoting stable growth and structural adjustments. The following adjustments of quasi-rates and interest rates will have a positive effect on improving liquidity, reducing corporate financing costs and interest burden. . Although some products in the petrochemical industry are experiencing overcapacity and the market is shrinking, there are still good investment opportunities in strategic emerging industries, transformation and upgrading of traditional industries, and high-tech fields.

In this regard, Li Yongwu stressed that investment must be scientific and rational, and the entire industry must learn lessons from the past. In situations where consumer demand is difficult to recover, blind, unscientific investments are likely to lead to a greater excess crisis. Therefore, we must focus on the theme of scientific development, implement the main lines of adjustment of industrial structure and transformation of development methods, tilt in the investment field to strategic emerging industries, tilt to high-tech content, high value-added products, focus on industrial restructuring Project and industry upgrading are tilted. At the same time, we must take advantage of the economic downturn and weak markets to resolutely eliminate backward production capacity. We must not unilaterally engage in low-level and redundant construction in order to stabilize growth, thereby triggering a new round of overcapacity.

Li Yongwu also pointed out that at the national policy level, it is required to guide enterprises to invest more funds in strengthening technological transformation. Technological transformation is the main means to enhance competitiveness of traditional industries. In the second half of the year, the State Council will appropriately increase investment in technological transformation and concentrate new investment on technological transformation, industrial restructuring and optimization and upgrading of enterprises. SINOPEC will also step up research, strengthen coordination, and take the initiative to implement the relevant national guidelines and policies to help enterprises seize opportunities under pressure.

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