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By putting into practice the five development concepts and making scientific plans for the 13th Five-Year Plan, Sinopec aims to strengthen itself, improve its performance, and expand its scale. Through more than 30 years of development and the efforts of several generations, Sinopec achieved a historic breakthrough during the 12th Five-Year Plan period, with its comprehensive competitiveness continuing to grow. Since 2012, it has ranked among the top five companies in the Fortune Global 500 for several consecutive years, laying a solid foundation for reform and development during the 13th Five-Year Plan period. “The 13th Five-Year Plan period is a decisive stage for building a moderately prosperous society in all respects, achieving the first of the two centenary goals, and realizing the Chinese Dream of the great rejuvenation of the Chinese nation. Therefore, the 13th Five-Year Plan is of great significance for contemporary China: it serves as a pioneering plan as the economy enters a new normal, a concluding plan as efforts to build a moderately prosperous society in all respects reach a critical stage, and a foundational plan for making comprehensive plans for the second centenary goal. For Sinopec as well, it represents an important window period and strategic opportunity for achieving transformation and structural adjustment, as well as for improving quality, efficiency, and driving upgrading. To turn the blueprint of the 13th Five-Year Plan into reality, it is crucial to follow the requirements of the \"Four Comprehensives\" strategic framework, embrace and implement the five development concepts of \"innovation, coordination, green development, openness, and sharing.\" It is necessary to actively adapt to and drive the new normal of economic development, focus on supply-side structural reform as the key approach, strive to strengthen, optimize, and expand the company’s operations, and build it into a world-class energy and chemical enterprise. China Petrochemical should serve as an important platform for putting into practice the new concepts, ideas, and strategies for governance led by Comrade **, playing a key role as the \"economic field army\" in the great journey of building socialism with Chinese characteristics, and using its own successful practices to prove the correctness of the path of socialism with Chinese characteristics and the superiority of its system. Making every effort to create new advantages for development and laying a solid foundation – Since then, **** has actively promoted the advancement of the \"Four Comprehensives\" strategic framework, and put forward a series of new ideas, new principles, and new requirements regarding the reform and development of state-owned enterprises, particularly those under the central government. State-owned enterprises possess the characteristics of ordinary enterprises, but they also have political attributes; they bear the important mission of strengthening the basic economic system of socialism with Chinese characteristics, and they have the special responsibility of integrating economic functions with political functions. The 33-year development history of Sinopec has proven, and will continue to prove, that exercising full and strict governance over the Party and upholding and strengthening Party building are the fundamental political advantages of state-owned enterprises. Fully leveraging this advantage is the fundamental guarantee for coordinating the advancement of the \"Four Comprehensives\" strategic framework. In the new historical period, it is even more important to make the most of the unique political advantage of state-owned enterprises. At the same time, it is also necessary to actively transform political advantages into the core competitiveness of enterprises, earnestly implement Sinopec’s five strategic development plans, and make every effort to build five new advantages for development: industrial advancement, technological innovation, institutional and mechanism innovation, green and low-carbon practices, and win-win cooperation, so as to ensure that economic development is simultaneously translated into political recognition. We strive to make Sinopec stronger, better, and larger, using our successful practices to demonstrate the theoretical value of the political economy of socialism with Chinese characteristics, as well as the correctness of the path of socialism with Chinese characteristics and the superiority of its system. http://mmbiz.qpic.cn/mmbiz_png/HkpsfsBUaRibWVeaCbsDJadNbERJ8msm6CHRX2B0j14icaSetRKc3Z45DBXMSicDyib3WK3DOHJMa1Rt0voedEsPibA/640?wx_fmt=png We must proactively adapt to the new normal of the economy, understand the overall trends and situation. When planning for development during the 13th Five-Year Plan period, it is essential to actively adapt to this new normal and drive its establishment. Under the new normal, China’s economy exhibits three characteristics: changes in growth speed, structural optimization, and a shift in driving forces. These changes are beyond human control. At the same time, after nearly 40 years of rapid development, China’s petroleum and petrochemical industry has moved past its period of high growth; demand is slowing down significantly, there is a serious structural surplus in production capacity, international oil prices are likely to remain low for a long time, resource and environmental constraints are becoming increasingly severe, and technological revolutions in this industry are advancing rapidly. It can be inferred that Sinopec has reached a critical period for pursuing reform and fostering innovation, a key stage for shifting its development model and adjusting its structure, as well as a turning point from simply expanding its scale to becoming more efficient, stronger, and higher quality. Development during this period is no longer simply about adding things together or expanding. It is necessary to completely abandon the illusion of high oil prices, get rid of the obsession with speed and the anxiety related to gear changes, and truly align thoughts and actions with the central government’s key judgments and strategic decisions. Focusing on the overarching logic of the new normal in economic development, efforts should be made to adapt to it, grasp it, and guide it, in order to achieve development that is of higher quality, more efficient, and more sustainable. Practically implement the five new concepts, clarify strategies and set goals. Strategy is the forerunner of development; it is necessary to take into account the overall situation, the fundamental aspects, the direction, and the long-term perspective. Centering on the five development concepts put forward by the central government and taking into account the requirements for development in the new era, we have proposed five strategic development approaches: value guidance, innovation-driven development, coordinated resource utilization, open cooperation, and green and low-carbon development. These serve as the starting points and focus areas for Sinopec’s development during the 13th Five-Year Plan period. Take value guidance as the development principle to ensure the preservation and appreciation of state-owned assets ； Taking innovation as the primary driving force, it leverages institutional mechanisms to foster comprehensive innovation in technology, management, products, services, and business models ； Taking comprehensive resource coordination as an important principle, and using market-based approaches to enhance the capacity for the integrated allocation and provision of energy and other resource elements ； Taking open cooperation as a key strategy, it enhances the role of state-owned capital through openness both domestically and internationally, thereby improving its international business framework ； Taking green and low-carbon development as the fundamental approach, it serves the strategy of the energy revolution by achieving energy savings, emission reductions, and carbon cuts to foster the green development advantages of industries. By 2020, Sinopec’s assets are expected to exhibit a significant improvement in their profitability, with the debt-to-asset ratio kept at around 50% ； The degree of internationalization has increased significantly, with overseas revenue accounting for over 30% of total revenue ； The capacity for technological innovation has been significantly enhanced, with the contribution of scientific and technological progress reaching over 65% ； The comprehensive energy consumption per 10,000 yuan of output value decreased by 6%, and all pollution control targets were met ； No major safety, environmental protection, or quality incidents occur ； The level of governance of enterprises in accordance with the law has improved significantly, and corporate culture as well as brand influence have been markedly enhanced ； The increase in employees’ incomes goes hand in hand with the improvement in corporate profitability and labor productivity ； Party building has been comprehensively strengthened, and the political advantages have been further transformed into the core competitiveness of the enterprise. Comply with the new strategy and take proactive actions with a sense of responsibility. State-owned enterprises, especially those under the central government, serve as an important material and political foundation for the development of the Party and the country’s cause; they are key pillars of socialism with Chinese characteristics, as well as important platforms for implementing and putting into practice the Party’s basic theories. As a central state-owned enterprise, Sinopec has the foundation, the conditions, and indeed the responsibility to take on greater roles in serving **strategic objectives, ensuring that the Party’s theories, principles, and policies are effectively implemented within Sinopec. First, vigorously implement the **Belt and Road Initiative**. Based on a global strategy, it is necessary to optimize the layout of international business operations, as well as the asset structure and value chain. This will facilitate positive interactions between overseas oil and gas, refining, trading, and engineering technology services on one hand, and the domestic market on the other. In particular, China’s advanced refining and petrochemical technologies and equipment should be turned into a new \"brand asset\". Second, actively promote supply-side structural reform. In line with the requirements of **** and the State Council regarding the adjustment and optimization of the layout of key production capacities, and by taking into account factors such as resource availability, market potential, environmental capacity, and industrial infrastructure, four world-class integrated refining and chemical complexes will be established in Zhenhai, Ningbo; Caojing, Shanghai; Maoming-Zhanjiang, Guangdong; and Nanjing, Jiangsu. Third is to develop the \"Gasification of the Yangtze River Economic Belt\" strategy. In line with the central government’s requirements for the development of the Yangtze River Economic Belt, and relying on resources such as conventional gas and shale gas from Sichuan and Chongqing, natural gas from the East China Sea, and LNG from Shandong, efforts will be made to significantly increase the supply of gas to this economic belt. Fourth, implement the **\"innovation-driven\" strategy and the \"Made in China\" initiative. Accelerate the development of a number of core key technologies, speed up the transformation of scientific and technological achievements into real productive forces, and shift from following in the footsteps of others to taking the lead in international competition. Fifth is to serve the strategy of new-type urbanization. Vigorously develop new chemical materials and fine chemicals, and plan for the growth of industries related to such new materials in sectors such as construction, automotive, environmental protection, and consumer goods. Select products with good potential for development in order to increase their production volume appropriately, with replacing imports serving as an important direction for progress. Sixth, it is to deepen the central government’s decisions and requirements regarding state-owned enterprise reform. Adhere to the direction of reform in the socialist market economy, follow the \"three benefits\" criterion, deepen internal reforms, and unleash the benefits of reform. Looking ahead to the 13th Five-Year Plan, challenges and opportunities coexist, along with difficulties and hopes. Sinopec will adhere to the overall plans for the 13th Five-Year Plan period, emancipate its mind and change its perspectives, pursue innovation and reform, and take proactive actions to implement this plan. It will strive to turn Sinopec into a key platform for putting into practice the new concepts, ideas, and strategies for governance led by Comrade **, as well as into a vital asset that the Party and the people can truly trust and rely on. In this way, Sinopec will make further greater contributions to achieving the goals set for the two centenary milestones and realizing the Chinese Dream of the great rejuvenation of the Chinese nation. The author, Wang Yupu, is the chairman of Sinopec Group Corporation. The article was published in the second issue of 2017 of the magazine \"State Assets Report\" (published with authorization from Petrochemical Origin).