Insufficient innovation hinders the petrochemical industry

In the petrochemical industry, innovation remains a critical challenge that affects overall development. Despite some pessimism about the global economic outlook in 2013, Zhu Hao, deputy director of the Information Department at the China Petroleum and Chemical Industry Federation, expressed a generally optimistic view. He believed that the industry's operations would remain stable throughout the year, with initial downward pressure in the first half, followed by a more balanced recovery in the second half. Stabilization and gradual recovery became key trends in 2012. The industry managed to overcome challenges and achieve growth, especially after July when output growth rates began to rise. By November, the output value had increased by 16.1% compared to the same period in 2011. From January to November 2012, the total output value reached 11.11 trillion yuan, showing an 11.8% year-on-year increase. It was estimated that the full-year output would reach 12.25 trillion yuan, up 12.2% from the previous year. Major product outputs continued to grow, with oil and gas production maintaining steady growth despite reduced crude oil output in Bohai Bay. Crude oil production for the first 11 months of 2012 stood at 190 million tons, up 1.8%, while natural gas output reached 96.49 billion cubic meters, up 6.9%. Pesticide and fertilizer production also rose significantly, contributing to national energy and food security. The industry’s structure improved further, with natural gas extraction outpacing oil extraction in terms of growth. The share of synthetic materials and organic chemical raw materials in the chemical sector also increased, reflecting a shift toward higher-value products. Regional development became more balanced, with the western region showing particularly strong growth. Investment remained robust, with fixed asset investment rising by 26% year-on-year in the first 11 months of 2012. Technology-intensive sectors saw even greater growth, with investments in synthetic materials and special equipment manufacturing increasing significantly. Private investment also accelerated, reaching 48.1% growth in the same period. Despite these positive signs, challenges persisted. Prices for basic inorganic chemicals and synthetic materials fell sharply, leading to lower profits. Overcapacity in several segments of the industry contributed to declining profitability. Innovation remained weak, limiting competitiveness and risk resistance. Additionally, safety and environmental concerns, highlighted by events like the Xiamen PX project, underscored the need for better community engagement and responsible practices. Looking ahead, 2013 was seen as a crucial year for implementing the "12th Five-Year Plan." With a recovering global economy, sustained investment growth, and increased domestic demand, the industry was expected to see further stabilization and improvement. Although challenges remained, the long-term outlook suggested a stronger and more resilient petrochemical sector.

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