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In recent years, China's economic performance has shown both resilience and transformation, driven by the nation’s strong macro-control policies. However, this growth has come at a cost—resource constraints are now a defining feature of the development landscape. For industries heavily reliant on oil and chemicals, this shift poses significant challenges, making resource efficiency not just a goal, but an urgent necessity.
The rising cost of resources reflects growing imbalances between supply and demand, as well as the increasing scarcity of critical materials. Oil, in particular, has become a focal point. Crude oil prices recently hit over $119 per barrel for the first time, marking a sharp upward trend that has drawn global attention. As one of the fastest-rising resources in the past decade, oil has become a key driver of political and economic decisions worldwide.
China, despite its rapid development, is a country with limited natural resources. Per capita, its oil reserves account for only 1.8% of the world's total, while natural gas is at 0.7%, iron ore less than 9%, copper under 5%, and bauxite below 2%. Furthermore, China's per capita mineral resources are half the global average, water resources are a quarter, energy is one-seventh, and oil consumption is just one-tenth of the global average. These figures highlight the urgency of sustainable resource management.
China’s resource consumption growth is staggering—3.4 times higher than the global average. The resource intensity of 33 major products is 46% higher than international standards, and energy efficiency lags behind advanced countries by more than 10 percentage points. Such trends cannot support long-term sustainable development, making high-consumption, low-value models unsustainable. This shift is no longer optional—it is a core national policy.
We are already experiencing the pains of this transition. Environmental regulations have forced shutdowns, export tax rebates for resource-based goods have dropped sharply, and many export-oriented companies face difficulties or even closures due to currency appreciation and rising raw material costs. These pressures are forcing businesses to find new ways to survive and grow.
It is essential to recognize the limits of our resources and redirect them toward high-quality enterprises. Industrial upgrading and structural adjustment must be part of this process, reflecting the true essence of a scientific development approach. In the petroleum and chemical sectors, the contradiction between resource use and industry growth is becoming increasingly evident. Large-scale raw material consumption, outdated industrial structures, and lagging innovation are all hindrances to progress.
According to 2007 data, over 90% of the chemical industry’s raw materials came from mineral sources. That year alone, China consumed 350 million tons of oil and imported 163 million tons of crude oil. These numbers underline the heavy reliance on external resources and the need for strategic reforms.
At the company level, many chemical firms still lack a clear strategy for resource management. Some remain short-sighted, failing to grasp the severity of resource scarcity. This mindset hinders innovation and sustainable development.
To move forward, we must increase resource taxes and shift from revenue generation to ecological protection. Accelerate industrial upgrades, promote low-cost, high-growth development, and expand the circular economy to maximize resource use. By leveraging economic tools, we can create effective incentives and constraints that drive sustainable development in the oil and chemical industries.
October 13, 2025