Economy
China needs to do more to step up to world level
By Huang Zhiling (China Daily)
Updated: 2010-05-07 14:17
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Ren Jianxin, chairman of the China National Chemical Corp, delivers a speech at the ongoing 3rd International Advanced Materials (Chengdu) Summit. |
As part of this policy, ChemChina has already consolidated its business into six units - advanced chemical materials and specialty chemicals, basic chemical materials, oil processing and refining products, agrochemicals, rubber products and chemical equipment.
The 3rd International Advanced Materials (Chengdu) Summit is aimed at gathering industrial elites to inspire sparks of opportunity and innovation within the advanced materials industry.
It draws over 300 government officials involved in drafting policy for or management of the advanced materials industry, directors and leaders of industrial associations, societies and organizations, CEOs, presidents, vice-presidents, general managers, directors, managers, academicians, experts, R&D directors, researchers, bankers, financers, and securities and private placement investors from different parts of the world.
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The financial turmoil severely damaged the global economy in 2008 and has impacted on the chemical industry, which is now facing an unprecedented challenge.
Deputies at the current forum talked about what the global economy would change in 2010, how to boost advanced materials industry growth in the post financial crisis era, how to grasp opportunities when faced with the sustainable economical strategies and modes such as new energy, low-carbon, energy-saving and emission-reduction, recycling and industrial adjustment, and what impact China's 12th Five-Year Plan (2011-15) will have on the sector.
Shao Ning, vice minister of the State-owned Assets Supervision and Administration Commission of the State Council, said that to cope with the international financial crisis, nations of the world are competing to invest in the new materials sector.
The United States has proposed to let its investment in the sector account for 3 percent of its gross domestic product. The European Union plans to invest 105 billion euros in the development of the green economy before 2013.
China, which also pays great attention to the development of new materials, has to invest more in the sector and train more talented personnel, as the country badly needs leaders in the industry, he said.
