标准普尔全球：2023年中国化工行业展望会推动约束全球石化行业吗（英文版）（17页）.pdf

1、China Chemical Industry Outlook:Will it drive/restrain the global petrochemical industry?Chemical Strategic Report BrochureSeptember 2023The chemical industry in Mainland China is in a critical juncture，facing intermingled uncertainties2Industry at a Critical JunctureMacroeconomyPolicy and Regulatio

2、nTradeLong Term Bright,strong growth and demand fundamentals of key customer industriesShort Term Headwinds,uncertainties with regards to macroeconomy,regulations,trade frictions The economy is not on a solid footing yet.Most of the economic indicators such as GDP growth and export are still below p

3、re-pandemic level.Most of petrochemical companies are quite cautious in their capital spending.Sino-US trade relationship has a negative impact on bilateral investment in key petrochemicals and advanced materials.With the recent visits of key US cabinet members to China,both sides seem keen to impro

4、ve the relationship.Policies Determine chemicals demandIn this age of carbon neutrality and sustainability,policies and regulations are set to evolve unprecedentedly fast.During Stage 3(14th 5Y plan and beyond),foreign investments are still welcome in chemicals,but good investment opportunities are

5、expected to be found mostly in advanced synthetic materials where technology and innovation are key Energy conservation and environmental protection have been steadily increasing.The trend will continue as the industry enters an age of carbon neutrality and sustainability1.Why this report and why no

6、w?2.Report content summary3.Table of Contents3ContentsBackgroundWhy NOW?Macro economy:Reopening with Headwinds Ahead4Conservative growth target,prudent monetary policy&limited fiscal stimulusNotable employment pressureInvestment will maintain its strengthGrowth driver shifts from exporting to domest