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China Sets Five-Year Targets for Chemical Industry
China will focus on the development of agricultural chemical products, new chemical materials, refined chemical products as well as energy-efficiency and environmental-friendly products in the coming five years.
The State Economic and Trade Commission (SETC) announced the state five-year plan for the development of the chemical industry in Beijing Saturday.
According to the plan, the sector is projected to keep an average annual growth rate of 7 percent during the period, on par with the national GDP growth rate.
Facing an impending entry into the World Trade Organization (
WTO), the industry is to step up efforts to tackle such bottlenecks as outdated equipment and technique, small and scattered production pattern, inadequate funding and insufficient self-development capacity, a spokesman with the commission noted.
The development of chemical products for agricultural use, including nitrogenous fertilizer, phosphoric fertilizer and potassium fertilizer, will be given top priority, while development of effective and low-toxin chemicals will be stressed, according to the plan.
China will encourage foreign participation, in forms of establishing joint ventures or opening wholly-foreign owned firms in China, to develop the country's chemical industry with advanced technologies.
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