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Petrochemical Vulnerable to Foreign Dumping Charge

The petrochemical industry has become the major one involved in anti-dumping cases in China's mainland, said an official with the Ministry of Commerce on Monday.

Liu Huan, deputy director of Bureau of Industry Injury Investigation of the Ministry of Commerce made the remark at the 2005 cross-Straits economic trade and technological cooperation in petroleum and chemical industry.

Among all the 208 anti-dumping investigations launched by members of the World Trade Organization in 2004, 82 cases are related to petrochemical products, the highest number among all industries. Among all 148 cases to which resulted in anti-dumping measures, 63 were about petrochemical industry products, the top one of all industries again.

Among the 47 anti-dumping charges in China in 2004, petrochemical was the industry witnessing the most anti-dumping cases among all.

By July 2005, 39 anti-dumping cases had been launched by Chinese industries and registered in China's concerned investigation institutions. Among the 39 charges, 28 are on chemical products, accounting for 71.8 percent. Nine cases are related to Taiwan, with seven of them in chemical or chemical fiber industries.

Liu suggested cross-Straits sides that whether as the accuser or the accused, petrochemical enterprises should take a positive attitude in defending their interests and that raising the competitiveness of both the industry and the enterprises is fundamental to development.

China's mainland saw an import and export volume of petrochemical products of US$158.6 billion in 2004, rising by 40 percent from 2003. Currently, the import volume is US$117.72 billion, with an annual growth of 44.5 percent, and the export volume is US$40.92 billion, growing by 28.4 percent.

As a result, the adverse balance of the trade deficit reached US$76.8 billion, US$27.2 billion more than the US$49.59 billion in 2003 with an annual growth of 54.8 percent.

The production of crude oil, ethylene, synthetic resin, engineering plastics, and organic material cannot meet the demand of the domestic market and their export volume accounts for 30 to 70 percent of the apparent consumption.

"The large adverse balance of the trade deficit shows that the competitiveness and self-support capacity of China's petrochemical enterprises should be further raised and the market still boasts great potential," said Liu.

(Xinhua News Agency August 30, 2005)

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