Since 2010, China's petrochemical industry has ranked second in the world's petrochemical industry and first in the world's chemical industry. By 2030, China's chemical output value will account for half of the world's total.

China is a major consumer of oil and natural gas. Since the 18th National Congress of the Communist Party of China, based on the current situation and foundation of a major petrochemical country, China has steadfastly promoted the transition from a "petrochemical power" to a "petrochemical power". However, since the 13th Five Year Plan period, China's oil and natural gas imports have been increasing year by year, with external dependence exceeding 70% and 40% respectively. The National Development and Reform Commission requires a sound energy production, supply, storage, and sales system for oil, natural gas, and other energy sources to ensure national energy security.

Currently, due to the impact of the epidemic and the global macroeconomic situation, the economic operation pressure of China's petrochemical industry continues to increase, and the task of stabilizing growth and transformation and upgrading is very challenging. During the 14th Five Year Plan period, China's petrochemical industry should seize the strategic transformation of "dual circulation", ensure domestic supply capacity through multiple channels to "stabilize the chain", improve core competitiveness through innovation to "supplement and strengthen the chain", and "extend the chain" through the docking and coordination of upstream and downstream industrial chains, reshape the "dual circulation" pattern of the petrochemical industry, and cultivate new advantages for high-quality development of the petrochemical industry.

It is reported that in the next step, the Ministry of Industry and Information Technology, together with relevant departments, will further strengthen overall planning and guide various regions to continue optimizing industrial layout in accordance with the principles of "entry, exit, selection based on merit, industrial progression, and structural transformation", promote the transformation and upgrading of petrochemical industry bases and modern coal chemical industry demonstration zones, vigorously develop smart chemical parks, form a group of distinctive and competitive advanced chemical clusters and demonstration bases, and construct staggered development The new pattern of intensive and efficient development, complementary advantages, and chain synergy in the petrochemical and chemical industry has laid a solid foundation for the high-quality development of the industry.