The year 2017 was the turning year for the economic operation of the oil and chemical industries. The whole industry in accordance with the Party Central Committee and the State Council strategic deployment, deepen the supply side structural reform, vigorously promote innovation driven transformation and upgrading, strengthen confidence, overcome all difficulties, work hard, industry economy achieved excellent results, the main economic indicators of growth was better than expected. The industry economy is steadily moving towards the stage of high quality development.
In 2017, the world economy was recovering steadily and increasing momentum. All regions of the world economy is rare "March" situation, to enhance market confidence. As a result, international authorities such as the United Nations and the world bank have recently raised their global economic growth expectations for the next two years. The United Nations says, is expected in 2018 and 2019 the world economy will continue to grow steadily, an increase of about 3%, unchanged from 2017, "developing economies is still the main driver of global economic growth", "at present, East and South Asia accounted for nearly half of global growth, these two areas will continue to expand rapidly".
China's economy has maintained a steady and healthy development momentum. In 2017, China's GDP increased by 6.9%, exceeding expectations and accelerating 0.2 percentage points over the previous year. The stability and coordination of China's economic growth is increasing, and it is steadily moving towards the stage of high quality development.
In 2018, China's macro economy will continue to maintain a stable and stable development trend. The economic growth is expected to be around 6.8%, which is basically the same as that of the previous year.
In 2017, due to the macroeconomic improvement, the oil and chemical market as a whole grew warmer, and demand improved. The overall price level rose a lot, which stopped the decline for 5 consecutive years. The data show that the price index of oil and gas production has risen 29%, and chemical raw materials and chemical products have risen by 9.4%. Judging from the trend of domestic macro-economic operation and the current trend of oil and chemical market, the oil and chemical market will continue to grow well in 2018, and the total price level will keep rising, but the increase will be narrowed. The total price of oil and natural gas is expected to increase by about 8%, and the chemical industry is up about 3.5%.