Source: China Daily
03-04-2009 13:43Special Report: 2009 NPC & CPPCC Sessions
The Chinese government said it would speed up the development of 40 petrochemical projects from 2009 to 2011 as part of the country's stimulus plan for the industry approved last month.
These projects include 20 that are already under construction. The others are still in the planning stage. They are involved either in oil refining, production of chemical substance such as PX, PTA, ethylene, or fertilizer.
Under the stimulus package, the government will begin construction or expand the capacity of five refineries, respectively in Guangdong, Xinjiang, Fujian, Tianjin and Guangxi.
The petrochemical sector is expected to see industrial added value growth of 15 percent annually from 2009 to 2011, according to the plan.
By 2011 the added value of the industry will amount to 1.75 trillion yuan ($256 billion) a year.