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In December 2007, the China Petroleum and Chemical Industry Association released its "China Petroleum and Chemical Economic Operation Report," highlighting the industry's proactive response to policy adjustments. The report noted that in 2007, the petrochemical sector actively adapted to changes in export tax rebate policies, delivering impressive results by enhancing the technological value of exported goods and reducing the export of high-energy consumption, high-pollution, and resource-intensive products. This strategic shift led to a more optimized trade structure and a significant improvement in the quality of exports.
On June 19, 2007, the Ministry of Finance and the State Administration of Taxation issued a notice to lower tax rebate rates for 1,031 petroleum and chemical commodities, accounting for 36.4% of all items under adjustment. This policy change had a major impact on the industry’s export activities. Despite this, the petrochemical sector not only improved the quality of its exports but also maintained strong growth in export value. According to customs data, from January to October 2007, China’s total import and export volume in the petrochemical sector reached $258.81 billion, up 22.5% year-on-year. Imports totaled $176.67 billion, an increase of 17.8%, while exports reached $82.14 billion, rising 33.9%.
The sector exhibited several key characteristics:
First, there was a clear structural optimization in export products, with a reduction in "two high and one resource" (high energy consumption, high pollution, and resource-based) products and a boost in high-tech exports. For example, the inorganic salt industry focused on developing new products such as ultra-fine barium sulfate and high-purity barium carbonate. In October 2007, exports of inorganic chemicals decreased slightly by 1.7%, but exports of high-tech products surged by 25.8%. Organic chemical exports rose by 4.4%, while specialized chemicals with high added value saw a massive 168.1% increase. Meanwhile, exports of high-energy products like caustic soda and paint declined significantly.
Second, international market demand drove up export prices. Although tax rebate reductions reduced profit margins, the increased demand allowed many chemical products to see higher prices. Among 155 major export products, 108 showed year-on-year price increases, with 31% rising over 20%. Solid caustic soda prices jumped 29.1%, and diammonium phosphate prices increased by 47.7%. These price hikes helped maintain export revenue despite reduced volumes.
Third, refined oil exports were cut to prioritize domestic supply. Major companies like PetroChina and Sinopec reduced crude oil exports to meet local demand. In October 2007, refined oil exports fell by 11.5%, with gasoline exports dropping 44%. This move demonstrated a strong sense of social responsibility.
Fourth, rising global crude oil prices widened the trade deficit. From January to October 2007, the trade deficit reached $94.53 billion, with crude oil and natural gas accounting for $62.55 billion, or 66.2% of the total. Crude oil imports hit 136.68 million tons, with an import dependency rate of 47.2%. Other large deficits included synthetic materials ($22.55 billion) and organic chemicals ($8.46 billion).
Overall, the petrochemical industry demonstrated resilience and adaptability, successfully navigating policy changes while maintaining robust export performance and improving long-term sustainability.