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The current situation in provinces like Zhejiang, Shanxi, Shandong, Hubei, and Jiangsu clearly shows that rising international crude oil prices have significantly impacted China's chemical industry. While we admire the resilience of companies that continue to operate despite these challenges, it's essential to remind them: prepare for a long-term battle.
According to expert analysis, although speculation plays a role in today’s oil market, the era of low oil prices is no longer sustainable. The global supply and demand dynamics have shifted, and oil prices are returning to levels seen several years ago—this trend is unlikely to reverse. As a result, the previous development models and strategies built on low oil prices must be completely re-evaluated. Industry planning, product structures, and market strategies all need to be reoriented around the new reality of high oil prices. Simply implementing temporary measures won't be enough to overcome the long-term challenges brought by rising energy costs.
For many years, China's chemical industry has relied on extensive growth, characterized by high energy consumption, low output efficiency, and poor resource utilization. Many companies have focused on low-cost, low-value products with little technological innovation. This model was viable when oil prices were low, but now, as the high-cost era sets in, such approaches are no longer sustainable. Even a short period of high oil prices has already caused financial strain for many companies across various sectors. Therefore, transitioning toward high-tech development, optimizing industrial and product structures, and promoting resource efficiency and recycling are not just beneficial—they are necessary for long-term survival.
However, this transformation will not happen overnight. Deep-rooted market mindsets and traditional practices make it a complex and time-consuming process. Throughout this transition, many companies will face significant pressure, and some may not survive. But this is a battle we must undertake. If we fail to adapt, China's chemical industry will struggle to compete globally in the long run. The path ahead is challenging, but it's a fight we must win if we want to secure a strong future in the evolving global economy.
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