Chinese oil and petrochemicals giant Sinopec is planning what it says is its highest capital spending budget in corporate history for 2022 after posting its highest profit in a decade in 2021. In a filing to the Shanghai stock exchange, the group said it expects to spend 198 billion yuan ($31.10 billion) this year, 18% more than last year.
Chinese small and medium-sized enterprises (SMEs) in the chemical industry and other industries have achieved rapid growth in the past years and are contributing to China’s economic development.
China’s 14th Five-Year Plan “145” suggests that the dynamics initiated by the previous Five-Year Plan are to be maintained and even surpassed. As in the previous planning period, high priority is given to modernizing the country and the economy through R&D.
Agile and resilient: This is how manufacturers in the life sciences industry could be described during the Covid-19 pandemic. As disruption took hold in many other industries’ supply chains, life sciences companies moved to rapidly develop new products and build new capacity. They are maintaining this momentum, with pharmaceutical and biotech businesses showing continued interest in expanding existing operations in Europe or starting operations from scratch.
China`s 14th Five-Year Plan (FYP) covering the period from 2021 to 2025 will only be published after its acceptance by the National People`s Congress in March 2021.
