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Driven by rapid economic and demand growth, plus aggressive investment by privately owned enterprises, the petrochemical industry in China expanded rapidly over the past couple of decades and has now become the largest in the world. However, with the recent slowdown of the economy, particularly in the real estate sector, demand has slowed down. On the other hand, a large amount of new production capacity has come on stream or is near completion, resulting in a significant supply/demand imbalance and fierce competition, especially in low-end products. Meanwhile, sustainability and net-zero carbon emission are one of mainland China’s key priorities, and the petrochemical industry, a major contributor of carbon emission, is under pressure to decarbonize. This presentation will examine when petrochemical demand is expected to recover, how the industry is going to deal with the large surplus capacity, and what it needs to do to become greener.