The economic operation of China's petroleum and chemical industry is stable and improving.

The press conference on the economic operation of China's petrochemical industry in 2017, sponsored by the China Petroleum and Chemical Industry Federation, was held in Beijing. The conference reviewed and summarized the basic situation, main characteristics and existing problems of the economic operation of the petrochemical industry in 2016, and put forward five key tasks for the petrochemical industry to achieve improvement and leapfrogging in 2017.

At the meeting, Zhu Fang, director of the Information and Marketing Department of the China Petroleum and Chemical Industry Federation, released the report entitled "2016 China Petroleum and Chemical Industry Economic Operation report". The report pointed out that in 2016, the economic operation of the petrochemical industry made steady progress and improved steadily, achieving a good start to the 13th five-year Plan. According to statistics, in 2016, there were 29624 enterprises above designated size in the petroleum and chemical industries, and the added value of the entire industry increased by 7.0 year-on-year; the main business income was 13.29 trillion billion yuan, an increase of 1.7; the total profit was 644.44 billion billion yuan, basically the same as in 2015; The profit margin of main business income was 4.85, down 0.08 points year-on-year; the main business income cost per 100 yuan was 84.30 yuan, up 0.25 yuan. In December 2016, the prosperity index of China's chemical industry was 92.38, up 1.52 points from November; the prosperity index of oil and gas industry was 94.08, up 7.59 points from November. Both are at two-year highs.

Zhu Fang pointed out that the economic situation of the petrochemical industry in 2016 showed six major characteristics: economic growth differentiation, accelerated structural adjustment, progress in improving industrial quality and efficiency, bottoming out prices, improvement in export trade structure, and continued improvement in energy efficiency, the contradictions and risks of structural overcapacity still exist, the rising operating costs of enterprises and the urgent need to improve the investment environment, the deterioration of the efficiency of the oil and gas exploitation industry, the overall weakness of industry investment, the increasing pressure on the international chemical market, and the prominent problems of industry safety and environmental protection still exist and perplex the development of the industry.

Fu Xiangsheng, vice chairman of the China Petroleum and Chemical Industry Federation, said at the meeting that in 2017, the added value of the petrochemical industry is expected to increase by about 7.5 year-on-year, and the main revenue will increase by about 6% to 8% year-on-year, about 14 trillion; profit will increase by 7% to 9%. About 690 billion; imports and exports reversed the negative growth trend. Among them, the added value of the chemical industry increased by about 8.5 year-on-year, the main business income increased by about 8%, about 9.95 trillion; profit increased by about 10%, about 560 billion. He believes that there may be an inflection point in the international crude oil market in 2017, and oil prices will continue to rise. It is expected that Brent oil prices will run between 50 and 65 US dollars per barrel throughout the year, and the average price will be around 55 US dollars per barrel.

Fu Xiangsheng believes that 2017 is a year of "stabilizing in difficulties and seeking progress in stability" for the petrochemical industry. If the petrochemical industry wants to take the lead in embarking on a new channel of bottoming and rebounding, it must focus on the following five aspects: to develop green development and solidly promote the five major action plans; to reduce production capacity, accelerate structural adjustment and transformation and upgrading; to drive innovation and give full play to the strong support of innovation; efforts will be made to "Belt and Road Initiative" to enhance the level of industry going out and opening up to the outside world; efforts will be made to build basic capacity to enhance the early warning capacity of the industry and the quality of economic operation.