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China Market Insider Major Challenges for China’s Chemical Industry
Any review of China’s chemical industry in 2021 is dominated by the two big issues the industry had to wrestle with: climate neutrality and Corona. These are the same issues that will dominate the year 2022. The industry as a whole in the People’s Republic is facing enormous challenges and changes — while at the same time there are great growth opportunities for certain sectors. However, the ongoing global epidemic, including in China, continues to create uncertainty.
Beijing/China – The past year 2021 started with a big bang — or perhaps the word warning shot would be more appropriate — when 17 of China’s largest petrochemical companies signed a document on January 15 committing to the climate protection targets announced by the government in Beijing shortly before. CNOOC, Sinopec, Wanhua Chemical and other industry giants pledged to support the central planners' plans for emissions reductions.
Market observers are by majority convinced that China’s chemical executives were largely unprepared when state and party leader Xi Jinping promised in autumn 2020 that China aims to have passed the peak of its carbon dioxide emissions by 2030 and will be carbon neutral by 2060.