On July 21, the China Petroleum and Chemical Industry Association released the report on the industrial economic operation in the first half of 2008. The report shows that production in the oil and chemical industries continues to maintain rapid growth, but the economic growth trend has significantly weakened. A more persuasive figure is that in the first half of the year, the industry realized a total profit of 279 billion yuan, a year-on-year increase of 2.5%, a year-on-year decrease of 24.9 percentage points. On the previous 17th, the national economic data released by the National Bureau of Statistics during the first half of the year showed that from January to May, profits of industrial enterprises above designated size increased by 20.9% year-on-year, 21.2 percentage points lower than the same period of last year. In the same macro situation, the oil and chemical industries are clearly inferior in economic growth.
It is undeniable that economic efficiency is a key indicator to measure the economic operation quality of a company or even an industry. Although in this industry, Sinopec and CNPC’s oil refining companies have a weighted loss due to product oil price upside down, and there is a large area loss component of the industry caused by chemical fertilizer limit prices, but after comparing these data, we are not hard It is found that under the complicated domestic and international economic situation and the country's macro-control background, an industry is adjusting, changing, innovating, and improving its ability.
What is worthy of recognition is that the industry has responded positively to this internal and external pressure. For example, the steady increase in the output of major products has ensured the supply of agricultural production; the increase in investment in fixed assets has been rapid, but the rate of increase has slowed down. Although these adjustments are responses to changes in policies and market demands, such responses are responses that change the structure and are a positive response.
At the same time, we should be more profoundly aware that a larger and more profound transformation and upgrading is the adjustment that meets the sustainable development of the industry.
Now, we are in the midst of such a pain: the slowdown in international market demand, the market and cost pressures brought about by the high prices of crude oil and basic raw materials, and macro-policy control in the context of implementing the scientific concept of development and transforming economic growth. This is the main reason for the pain of all industries including oil and chemicals. For example, in the face of rising prices of crude oil and basic raw materials, many of our sub-sectors are unable to achieve simultaneous price increases, and have had to repeatedly reduce the profit margins of products, making it difficult for companies to operate. This will be fatal to the development of raw materials-dependent industries. Another constraint is that our industry, which is closely dependent on energy and closely related to the environment, has always owed money on energy and environmental protection. According to the first half of the industry report, this year, the energy consumption of key high-energy-consuming products continued to decline. In the first quarter of this year, the overall energy consumption of the six key energy-consuming product units fell by an average of 3.68%, which was an average decrease of 1.2% from 2007. This decline is not optimistic. From the perspective of the petrochemical industry as a whole, according to the national energy consumption reduction of 20% during the 11th five-year period, and the total discharge of pollutants decreased by 10%, the pressure on our industry to save energy and reduce emissions is still very large.
It is foreseeable that China Oil and Chemical Industry, which has undergone 30 years of reform and opening up, has entered a crucial transition period for the next 30 years of development at a critical moment when the international market is slowing down and the high cost era is approaching. This transformation will at least determine the fate of the industry in the next 30 years. This requires us to take a more long-term perspective and well grasp the strategic development period in transition. Taking the regional economy as an example, we have now seen the tremendous strength of the Pearl River Delta's industrial in-depth adjustment and transformation and upgrading, and have begun to show its new vitality and vitality.
It is undeniable that economic efficiency is a key indicator to measure the economic operation quality of a company or even an industry. Although in this industry, Sinopec and CNPC’s oil refining companies have a weighted loss due to product oil price upside down, and there is a large area loss component of the industry caused by chemical fertilizer limit prices, but after comparing these data, we are not hard It is found that under the complicated domestic and international economic situation and the country's macro-control background, an industry is adjusting, changing, innovating, and improving its ability.
What is worthy of recognition is that the industry has responded positively to this internal and external pressure. For example, the steady increase in the output of major products has ensured the supply of agricultural production; the increase in investment in fixed assets has been rapid, but the rate of increase has slowed down. Although these adjustments are responses to changes in policies and market demands, such responses are responses that change the structure and are a positive response.
At the same time, we should be more profoundly aware that a larger and more profound transformation and upgrading is the adjustment that meets the sustainable development of the industry.
Now, we are in the midst of such a pain: the slowdown in international market demand, the market and cost pressures brought about by the high prices of crude oil and basic raw materials, and macro-policy control in the context of implementing the scientific concept of development and transforming economic growth. This is the main reason for the pain of all industries including oil and chemicals. For example, in the face of rising prices of crude oil and basic raw materials, many of our sub-sectors are unable to achieve simultaneous price increases, and have had to repeatedly reduce the profit margins of products, making it difficult for companies to operate. This will be fatal to the development of raw materials-dependent industries. Another constraint is that our industry, which is closely dependent on energy and closely related to the environment, has always owed money on energy and environmental protection. According to the first half of the industry report, this year, the energy consumption of key high-energy-consuming products continued to decline. In the first quarter of this year, the overall energy consumption of the six key energy-consuming product units fell by an average of 3.68%, which was an average decrease of 1.2% from 2007. This decline is not optimistic. From the perspective of the petrochemical industry as a whole, according to the national energy consumption reduction of 20% during the 11th five-year period, and the total discharge of pollutants decreased by 10%, the pressure on our industry to save energy and reduce emissions is still very large.
It is foreseeable that China Oil and Chemical Industry, which has undergone 30 years of reform and opening up, has entered a crucial transition period for the next 30 years of development at a critical moment when the international market is slowing down and the high cost era is approaching. This transformation will at least determine the fate of the industry in the next 30 years. This requires us to take a more long-term perspective and well grasp the strategic development period in transition. Taking the regional economy as an example, we have now seen the tremendous strength of the Pearl River Delta's industrial in-depth adjustment and transformation and upgrading, and have begun to show its new vitality and vitality.
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