What path should modern coal chemical industry take in the future?

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With international oil prices remaining low at present, the controversial modern coal chemical industry seems to be at a crossroads. What will be the future of modern coal chemical industry, which relies mainly on coal-to-oil and coal-to-gas processes? Today, modern coal chemical industry must take two steps: one is to revitalize existing assets, and the other is to improve new additions. Only in this way can modern coal chemical industry survive in the tough market conditions and have a chance to see another period of prosperity. 　　　　　　 At present, China’s coal chemical industry is basically in a state of overcapacity. It is entirely impossible for the modern coal chemical industry to follow the old approach of relying on investment to drive its development. To reverse the current unfavorable situation in modern coal chemical industry, it is necessary to find a breakthrough by revitalizing existing assets. For both individual companies and the entire coal chemical industry, survival has become the top priority. To this end, it is necessary to completely abandon the old approach of blind expansion and extensive development, and shift to a new path focused on revitalizing existing assets. To revitalize existing assets, it is first necessary to make the tough decision to eliminate outdated production capacity; this is also a fundamental requirement for **effectively addressing environmental issues. Secondly, every effort must be made to reduce costs and increase efficiency, by focusing on improving quality, precision, and excellence in three key areas. Modern coal chemical industry must be a value creator, and profitability is an important manifestation of value; an industry cannot grow and develop while suffering from continuous losses. According to reports from China Chemical Industry News, the main production costs in modern coal chemical industry are coal, electricity, and water. Therefore, it is necessary to start with management, learn from the experiences of advanced foreign companies, and reduce various raw material consumptions through optimized control. At the same time, through innovative technological upgrades and the application of new technologies, various types of \"waste\" that could only be discharged outside should be recycled, in an effort to minimize costs and create additional sources of profit for the enterprise. If revitalizing existing assets is crucial for survival, then optimizing new additions is vital for development. Currently, mass consumption in China and around the world is constantly changing. In keeping with the evolving trends in consumer demands, modern coal chemical industry needs to accelerate the adjustment of its industrial structure and improve the quality of new products produced. One key approach is to vigorously develop high-quality, high-grade fine chemical products that are essential for people’s daily lives. Over the years, China’s overall foreign trade has maintained a surplus, but high-end chemicals have consistently seen more imports than exports. Although the modern coal chemical industry is an emerging sector, its novelty lies mainly in the new process routes used. Its end products are still primarily conventional items such as refined oil and gas; once there is an overcapacity or a deterioration in the market conditions, it becomes difficult for this industry to continue developing. At present, the timing for modern coal chemical technology to develop the high-value chemicals industry is becoming increasingly favorable. In fact, since modern coal chemical technology can be used to produce energy products in place of oil and gas resources, it can equally be employed to develop advanced processing industries and to create a wide range of high-value-added chemicals. A \"second golden age\" for the modern coal chemical industry is bound to arrive.