09 May 2013 16:40 [Source: ICIS news]
TAIPEI (ICIS)--China’s petrochemicals production capacity is continuing to expand, despite the country’s economic slowdown, a partner for China-based industry consultancy Chem1 said on Thursday.
“China’s economy slowed down from 2008-10, and the prospects for this year are still not good. Our GDP growth slowed down. Overall industrial output has [also] seen a clear fall-off from 2011," Frank Yi, a partner at Chem1, said at the Asia Petrochemical Industry Conference in Taipei, Taiwan.
However, petrochemical capacity has continued to grow despite the weaker economy, he said, and in spite of the fact that prices have remained broadly flat for the last two years, particularly for polyolefins.
“Overcapacity exists in almost all sectors and all regions,” he said.
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