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Opportunities and Challenges for Private Petroleum and Chemical Enterprises in China

2019/01/19 11:29
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At the end of last month, the 2014 China Petroleum and Chemical Private Enterprise Development Conference was held in Beijing. The conference, attended by nearly 400 enterprises, can be said to be a feast for private petroleum and chemical enterprises. Three years have passed since the last development conference in 2011. What achievements have private petroleum and chemical enterprises made in the past three years? What are the opportunities and challenges for future development?
 
Over the years, remarkable achievements have been made in development.
 
Since the 12th Five-Year Plan, with the continuous improvement of the market economic system, the private economy of petroleum and chemical industry has shown a good momentum of steady development, and its proportion in the total industrial economy has been rising. According to the data of Sinopec Federation, the gross output value of non-public sector economy in 2011 was 5.65 trillion yuan, an increase of 34.9% over the same period last year, accounting for 50.11%. For the first time in history, it was more than half. By the end of 2013, 25 946 non-public economic enterprises in the industry had increased by 5.9% compared with the previous year, accounting for 90.6% of the whole industry; total assets had increased by 18.5% compared with the previous year, accounting for 48.4% of the whole industry; main business income had increased by 15.1% compared with the previous year, accounting for 56.7% of the main business income of the whole industry; total profits and taxes had increased by 14.1% compared with the previous year, accounting for 41.2% of the whole industry.
 
Over the past three years, private petroleum and chemical enterprises have adapted to the new economic situation, accelerated the pace of industrial restructuring, expanded the scale, optimized the structure, and gradually improved their competitiveness. Their highlights are mainly reflected in the following aspects.
 
Firstly, the scale of enterprises is expanding rapidly. Since the 12th Five-Year Plan, under the background of the slowdown of macroeconomic growth, private enterprises in the petroleum and chemical industries have continued to grow steadily, and the overall scale of enterprises has continued to grow. From 2012 to 2013, the growth rates of assets in non-public economy were 26.7% and 18.5% respectively, and the growth rates of main business income were 21% and 15.1% respectively. The growth rates of assets and income exceeded the average level of Enterprises above the industry scale in the same period. The main business income in non-public economy had accounted for more than half of the total for three consecutive years. According to the survey data of 186 private enterprises conducted by the SME Working Committee of Sinopec Federation in the second half of last year, the average growth rate of total assets and sales revenue of enterprises reached 28.16% and 27.23% in 2010-2012, which was higher than the average growth level of Enterprises above the same industry scale.
 
Second, the economic benefits are constantly improving. In the past three years, private petroleum and chemical enterprises have maintained good economic benefits. From 2012 to 2013, the total profit growth rate of enterprises is 7.7% and 14.3%, respectively, which is higher than the average profit growth rate of Enterprises above the industry scale. According to the 186 private enterprises surveyed, the average growth rate of total profits is 15.3%, which shows the good growth of private petrochemical enterprises during the period of economic restructuring and enterprise transformation and upgrading.
 
Third, the transformation and upgrading have achieved remarkable results. In accordance with the national industrial policy and the requirement of sustainable development of enterprises, private petroleum and chemical enterprises have intensified structural adjustment, made great efforts to transform and upgrade, and significantly improved their technological equipment, management level, workers'labor skills and comprehensive quality of enterprises. From the comprehensive index of measuring the effect of transformation and upgrading - total labor productivity, in 2011 and 2012, the growth rate of labor productivity of non-public economy members in the industry was 14.75%, higher than the growth rate of 8% in the whole industry. Among the private enterprises surveyed, the average growth rate of total labor productivity reached 16.77%, which exceeded the growth level of Enterprises above the industry scale in the same period.
 
Reform Stimulates Endogenous Motivation
 
Li Yongwu, president of Sinopec Federation, stressed in the report of the General Assembly that the current and future situation facing the development of the industry is still complex, with both favorable and unfavorable factors. Therefore, private enterprises should seize the opportunity to deepen reform and accelerate transformation and upgrading.
 
Internationally, the global petroleum and chemical industry is accelerating a new round of structural adjustment. First, the process of diversification of raw materials has been accelerated. Major breakthroughs have been made in shale gas development, and positive progress has been made in research and development of new energy sources such as biomass energy, which has a significant impact on the world energy and industrial structure. Secondly, the development focus should be accelerated to shift to new chemical materials, high-end specialty chemicals, biochemical and other emerging areas. Many multinational corporations actively adjust their development strategies, decisively divest their traditional businesses, and seize the future competitive commanding heights through mergers and acquisitions, reorganization and resource integration. Third, green low-carbon has become the mainstream development mode, and the circular economy, clean production, energy-saving and environmental protection industries have developed vigorously.
 
From the domestic point of view, China's long-term economic fundamentals have not changed, the economic growth rate is still at the forefront of the world. Industrialization, informatization, urbanization and agricultural modernization have been advanced in depth, and the domestic market potential is huge, creating a long-term and stable market demand for petroleum and chemical products. In particular, the Third Plenary Session of the Eighteenth Central Committee of the CPC made a general plan for deepening the reform in an all-round way, clearly pointing out that the reform of the economic system is the focus of deepening the reform in an all-round way, and the core is to make the market play a decisive role in the allocation of resources. With the gradual introduction of various reform measures, the institutional and institutional obstacles that restrict economic development will be effectively removed, and the endogenous power and market vitality of economic development will be fully stimulated, providing new historical opportunities for the transformation and upgrading of the petroleum and chemical industries, especially private enterprises.
 
So what opportunities do private enterprises have in the development of various industries? Gu Zongqin, president of the Institute of Petroleum and Chemical Planning, believes that there are three main aspects.
 
Firstly, in 2013, China's crude oil dependence reached 58.1%. It is predicted that the consumption of crude oil will exceed 500 million tons in 2020, and the dependence on crude oil will exceed 60%. Therefore, the refining industry has developed for private enterprises.