Petrochemical SMEs encouraged to accelerate tech innovation

Private enterprises in China that have strong momentum in innovation, research and development, have significantly contributed to the country's petrochemical industry during the past few years, with many evolving into world champions in niche markets, said industry experts.

Currently accounting for 90 percent of all large-scale enterprises in the sector by the end of 2023, China's private petrochemical and chemical enterprises have been fostering a new era of high-quality development, employing 80 percent of the industry's workforce and generating over 50 percent of its revenue, according to Li Yunpeng, Party secretary of the China Petroleum and Chemical Industry Federation.

According to the China Petroleum and Chemical Private Enterprises Development Report, recently published by the federation, among the 1,523 recognized "little giant" enterprises specializing in advanced technologies, 90 percent are private, with 1,371 companies originating from the sector. This underscores the substantial presence of high-quality private enterprises, it said.