Premier Wen presided over an executive meeting of the State Council at which the plan for the adjustment and revitalization of the petrochemical industry was approved, in order to firmly curb the uncontrolled development of coal-based chemical industries.

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On the 19th, the Premier of the State Council presided over an executive meeting of the State Council, at which the plan for the adjustment and revitalization of the light industry and petrochemical industries was reviewed and approved in principle. The meeting noted that the petrochemical industry is resource- and capital-intensive, features high levels of industrial interconnection, and has a large economic scale; it plays a crucial role in promoting the upgrading of related industries and driving economic growth. To revitalize the petrochemical industry, it is necessary to stabilize the market for petrochemical products while accelerating structural adjustments and optimizing the industrial layout, focusing on enhancing innovation capabilities and management levels in order to continuously strengthen the industry’s competitiveness. I. It is necessary to maintain the stable operation of the industry. Implement comprehensive measures such as **expanding domestic demand, revitalizing key industries, and increasing food production to boost the consumption of chemical products.** Strengthen import and export supervision and improve the price formation mechanism for energy products. II. It is necessary to improve the capacity to ensure agricultural inputs. Adjust the production structure of fertilizers and pesticides, optimize resource allocation, reduce costs, and increase supply. Improve the system for strategic stockpiling of fertilizers, and strengthen the development of the supply network for agricultural diesel. III. It is necessary to coordinate the layout of major projects and vigorously promote technological upgrades. Accelerate the implementation of major oil refining and ethylene projects under construction to strengthen the momentum for industrial development. Promote the comprehensive utilization of resources and waste recycling technologies to develop a circular economy. IV. It is necessary to control the total volume and phase out outdated production capacity. Stop approving coal chemical projects such as coke and calcium carbide that merely aim to expand production capacity, and resolutely curb the reckless expansion of the coal chemical industry. V. Policy support needs to be increased. Accelerate the establishment of refined oil reserves, improve tax policies, increase investment in technological upgrades, and provide greater credit support to petrochemical enterprises. Sixth, it is necessary to improve the corporate governance structure, strengthen scientific decision-making, enhance risk prevention and control capabilities, and raise the management level of petrochemical enterprises. The meeting reviewed and approved the main responsibilities, internal organizational structure, and staffing regulations for some of the State Council’s constituent departments, directly affiliated agencies, administrative offices, and ministries’ affiliated bureaus. Other matters were also discussed at the meeting. http://www.gov.cn/ldhd/2009-02/19/content_1236515.htm China** Net. This post was last edited by cheng on 2009-2-20 at 11:12.]