Over the past five years since 2002, China's petroleum and chemical industries have experienced unprecedented growth, with total industrial output value and key performance indicators rising at an impressive pace. By 2007, the industry’s total output reached 5.32 trillion yuan, reflecting a staggering 254.5% increase from 2002 levels. The average annual growth rate over this period was 28.8%, far outpacing the GDP growth rate. This rapid expansion has positioned China as a global powerhouse in the sector, with more than 20 major chemical products now among the world's top producers. China leads globally in several critical areas, including synthetic ammonia, fertilizers, pesticides, sulfuric acid, synthetic fibers, calcium carbide, caustic soda, and dyes. In addition, it ranks second in crude oil refining, ethylene production, synthetic resins, synthetic rubber, tires, and coatings. These achievements highlight the industry's strong domestic manufacturing capabilities and its growing influence on the global stage. In terms of trade, the production and sales ratio of China's petroleum and chemical products has consistently exceeded 98% in recent years, indicating strong market demand and efficient supply chains. The import and export volume saw significant growth, reaching 319.8 billion U.S. dollars in 2007—an increase of 252.9% compared to 90.56 billion U.S. dollars in 2002. While crude oil and some refined products are still imported, the majority of imports consist of synthetic resins, organic raw materials, intermediates, and specialty chemicals. As a result, China has become the largest consumer of polyolefins, synthetic fibers, and synthetic rubber globally. Natural rubber consumption and imports have remained the highest in the world for six consecutive years, while polyolefin imports account for over 30% of global trade. Synthetic fiber consumption alone makes up one-third of the world's total. Foreign investment has played a crucial role in the development of China's oil and chemical industry. By 2007, 2,432 large-scale foreign-invested enterprises had been established, representing 8% of the industry's total companies. These enterprises contributed 650.9 billion yuan in industrial output, or 12.2% of the sector's total. Almost all of the world's top 500 oil and chemical companies have operations in China, with many relocating regional headquarters and R&D centers to the mainland. Similarly, Hong Kong, Macao, and Taiwan investors have significantly increased their presence, establishing 1,848 large-scale enterprises by the end of 2007, accounting for 6.7% of the industry and generating 375.4 billion yuan in output—7.1% of the total. Together, these developments underscore China's emergence as a global leader in both the production and consumption of petroleum and chemical products, solidifying its position as a key player in the international energy and chemical markets.

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