Chemical industry set for $242b lift
China will spend 260 billion yuan (about HK$242.32 billion) in the development of 470 large and medium-sized chemical projects over the next few years to meet the country's demand for industrial chemical products, an official report says.
Chemicals Industry Minister Gu Xiulian told a national meeting on chemical industry construction yesterday that 400 of the projects would be launched by 2000. The state approved 30 projects last year.
The minister called on departments to step up feasibility studies on the projects.
Ms Gu encouraged the greater use of local technology to improve project efficiency, Xinhua (the New China News Agency) reported.
During the five-years to 2000, China would finish seven key programmes, including infrastructure for the production of chemical fertilisers and the use of natural gas and coal as raw materials, the news agency said.
Between 1991 and 1995, China increased synthetic ammonia production capacity by 6.64 million tonnes, up 26.2 per cent from the period between 1986 and 1990 and increase chemical fertiliser capacity by 7.14 million tonnes.
