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BEIJING, Jan. 17 (Xinhua) -- China's petrochemical industry profit in 2017 grew at the fastest pace in six years, according to the China Petroleum and Chemical Industry Federation on Wednesday.
The sector's 2017 profit is estimated to exceed 850 billion yuan (about 130 billion U.S. dollars) Thomas Partey Jersey , up 30 percent.
Revenue from core operations totaled 14.5 trillion yuan last year, up 12.5 percent, while imports and exports as a whole increased by 22 percent to 560 billion U.S. dollars.
The petrochemical industry has been hindered by overcapacity along with security and environmental constraints. A State Council guideline issued in August 2016 said China must increase the competitiveness of the industry.
By 2020, energy consumption per yuan of output should be cut by 8 percent from the 2015 level Stefan Savic Jersey , with carbon dioxide emissions and water consumption reduced by 10 percent and 14 percent.
Shanghai stocks closed at a two-month high yesterday after market sentiment was bolstered by the central bank’s fund injection.
The Shanghai Composite Index rose 0.24 percent to 3,444.67 points, the highest close since November 13.
The People’s Bank of China injected a net 100 billion yuan (US$15.5 billion) into the banking system through open market operations, which helped increase liquidity and lifted investor sentiment Sime Vrsaljko Jersey , Merchants Securities said in a report.
Meanwhile, “investors expect high growth in banks and securities companies as their share prices have stayed at relatively low” for some time, said Liu Li, an analyst at Shanxi Securities.
Zheshang Securities Co soared 9.04 percent to 17.49 yuan Saul Niguez Jersey , and Bank of Nanjing gained 5.52 percent to 8.99 yuan.
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