Chinas Chemical IndustryWord文档下载推荐.docx
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Chinas Chemical IndustryWord文档下载推荐.docx
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Newforcesarereshapingthechemicalindustryformultinationalcompaniesworkingthere.
s12thFive-YearPlan(approvedonMarch14,2011,andeffectivethrough2015)willfurtherchallengemultinationals'
once-certaingrowthandprofitability,aspolicymakersputtheirstampontheindustryandcreateanunevenplayingfieldthatfavorsstate-ownedenterprises(SOEs).ThenewestplanseekstoincreaseChina'
sself-sufficiencyinchemicals,createnationalchampionswithmoreaccesstoWesterntechnologyandprocesses,secureinternationalaccesstorawmaterials,andprovideSOEswithprivilegedaccesstokeyrawmaterialsandenergy
(seesidebar:
China'
sDeterioratingAccesstoLaborandRawMaterials).Atthesametime,theplanisaimingtoboostdomesticconsumptionbyexpandinginfrastructureandcreatinghousingforabout300millionmigrantsmovingtocities,whiledealingwithsevereenvironmentaldegradationandavoidingsocialunrest.
Thisreport,basedonourresearch,ourexperienceinChina,andmorethan25interviewswithpresidents,vicepresidents,managingdirectors,anddirectorsworkingforchemicalmultinationalsoperatinginChina,offersawindowintooneofthemostimportantindustriesinChina.
TheIndustry'
sGrowth
Chemicalsarefundamentaltoalmostanyeconomy.Inthelate19thandearly20thcentury,forexample,formerlyagrarianandnewlyconsolidatedGermanydevelopeditschemicalindustrytomovepasttheeconomyoftheUnitedKingdom,wheretheIndustrialRevolutionfirsttookhold.TodayinChina,thechemicalandpetrochemicalindustriesarecriticaltomanyrapidlygrowingindustrialsectors,includingconsumergoods,automotive,andconstruction.Asaresult,thechemicalindustryhashighprioritywithintheChinesegovernment.
schemicalindustryhasgrowndramaticallyinthepast30years,inlinewiththecountry'
soverallgrowthandthefundamentalsofkeycustomerindustries.Chinawillsoonrepresentone-thirdoftheglobalchemicalsdemand(seefigure1).ThepictureremainsoptimisticforforeignchemicalcompaniesinChina,asthecountrycontinuestodependonforeignproducersformanychemicals,particularlyadvancedspecialtychemicals,despitethegovernment'
sself-sufficiencygoals.
AsChina'
smarketgrows,moretopmultinationalsareincreasingtheirexposuretothemarketastheyinvestinlocalChineseproductionfacilities.SomesmallerplayershaveinvestedsomuchinChinathatthemarketisnowoneoftheircorebusinesses—ifnottheircorebusiness.Intandemwithforeignmultinationals'
increasinginvestmenthasbeentheriseofchemicalSOEs—theleadingSOEshaveincreasedtheirinvestmentbudgetsandhavegrownimpressivelysince2008.Overall,chemicalrevenuesinChinagrew24percentyearoveryearbetween2005and2010.
By2014,China'
sshareoftheglobalchemicalsmarketisprojectedtoriseto29percent.Stronggrowthinchemicalscomesinlargepartfromgrowthincustomerindustries.China'
sautomobileindustrygrowthwillaverage24percentperyearbetween2008and2012,eventhough2011growthwasalmostflat.Consumerelectronicswillgrow23percentayearbetween2008and2015,andconstructionwillsee24percentyearlygrowthoverthesameperiod.Chineseconsumersaredrivingthedemandintheautomotiveandconstructionsectors.Despitearecenteconomicslowdown,medium-andlong-termgrowthprojectionsaresound.
ThekeyissueforchemicalmultinationalsisthattheirfatedependsonChinesegovernmentpolicyatthenational,provincial,andlocallevels.GovernmentinfluenceinChinaiscomplexandoftenopaque.ItstartswiththeFive-YearPlan,whichincludesindustrialpolicygoals,safetyandenvironmentregulation,accesstofeedstock,pricing,licensing,andpermissions.Theattitudes,beliefs,andpressuresoftheextralevelsofgovernmentcanalsobedifficulttoassess.Chemicalmultinationalswillbenefitbyputtingmoreeffortintounderstandingandcommunicatingwithallstakeholdersandconsideringhowgovernmentactionsmayevolve,withcorrespondingscenarioplansattheready.
TheCapitalInvestmentPicture
ThechemicalindustryinChinareachedaturningpointin2008whenoutboundinvestmentfromChina,equaling36percentoftheglobalindustry'
stotalforeigndirectinvestment(FDI),becamesignificantforthefirsttime.In2009,whenWesterneconomieswerereeling,China'
soutboundinvestmentdroppedsomewhatinabsolutetermsfrom$53billionto$44billion,butgrewrelativelyto56percent.Theincreasewillcontinue,reaching$137billionin2015.InboundFDIinchemicalswillplateauinthe$160billionto$200billionrangethrough2015,asChina'
sgrossdomesticproductslows.
Mostexecutiveswespokewithareconfidentaboutfuturedemand.Nearlyallsurveyedsaytheirreturnoncapitalexpendituresimprovedin2010andtheyexpectfurtherimprovementin2011.TheybelievethatdoingbusinessinChinawillbecomeeasierasintellectualproperty(IP)protectionimprovesand,importantly,astheirunderstandingoflocalgovernmentdevelopsinparallel.
GovernmentPolicyGoalsHaveChanged
GiventheenormityofChina'
spopulation,thegovernmentsetsgoalsaroundbotheconomicgrowthobjectives,includingemployment,andconstraintssuchasfoodsupply,water,energy,andoil.Thechemicalindustryisnodifferent.However,governmentpoliciesandgoalshaveshiftedsincetheeconomywasopenedupin1978.Weseethreephases:
1978-1990:
Reformandopeningup.
Theeconomywasopenedtotheworldin1978,andthegovernment,understandingtheimportanceofthechemicalindustry,permittedbutheavilycontrolledFDI.MoreimportantthanFDIisthefactthatChina'
sdomesticconsumptionboomed.MostcompaniesinvestedinChinatoproduceforChinesedemand.
1990-2000:
Foundationbuilding.
MultinationalswerepermittedtoenterChinatogenerateexportsales,andjointventuresbetweenchemicalmultinationalsandChinesefirmswereallowed.IncentivesencouragedmultinationalinvestmentinChina,andchemicalindustrialparksweredevelopedtomanageandfacilitatelanduse.
2000-2011:
Alandofopportunities.
Growthprojectionsduringthisphasewerelimitless.FDIbychemicalmultinationalsboomedasChinabecamemoreintegratedintotheworldeconomyandchemicalsbecameamajorChineseexport.
Anewphase,startingin2012,islikelytobemorechallengingformultinationals,withcapitalinvestmentpotentiallymuchriskier.Whilegrowthprojectionsremainhigh,weexpectthegovernmenttointervenemoreactivelytoupgradeandreconfigurethestructureofcompetition.Thegovernmentisseekingtoincreasethelocalvalueaddedinthechemicalindustrybygainingmoreaccesstospecialtyandfinechemicalsandimprovedchemicalproductionprocesses.Inmanysegments,thishasincreasedcompetition.
OpportunitiesinChinaremainimpressive,butthisneweraforthechemicalindustryisfarmorecomplicatedthaninthepast.MultinationalsthatarebetterinformedandbetterconnectedwithgovernmentagenciesandbuildmoresupportfortheirpresenceinChinawillhaveagreaterchanceofcounterweighingSOEs'
politicaladvantages.AssimilatingintotheChineseeconomy—andbeingperceivedasdoingsobymeasuringandcommunicatingthebenefitstheyoffer—isastrategicimperative.
Self-Sufficiency
Unlikeconsumerproductsandotherareasoflessstrategicimportance,alargetradedeficitinchemicals—$54-5billionin2009—isamajorconcernforagovernmentthatwantsself-sufficiencyinstrategicallycriticalindustries.
Despitethegovernment'
spush,thetradedeficitoffersanopportunityformultinationals.Forexample,domesticdemandformanychemicalsusedinplasticsoutpacescapacityandwillcontinuetodosothrough2020—representingapotentialinvestmentopportunityformultinationals(seefigure2).Thetradeimbalanceismoredramaticinoilandgas,asChinahasalmostnooilreservesandfewanticipateddiscoveries.
Multinationals'
IncreasingExposuretoChina'
sMarket
sgrowthandpastcapitalinvestmentmeanthatChinarepresentsagreaterpercentageoftotalrevenuesforchemicalmultinationals.Between7.5and50percentofthetotalsalesforthetop15multinationalsinChinacomefromChina,andsmallerfirmshaveofteninvestedevenmoreaggressively.
Thelargerinternationalchemicalmultinationalsarenotsittingstill.China'
sgrowthisleadingtoadditionalinvestmentinpetrochemicals,basicchemicals,polymers,andspecialtychemicals—includingDow'
s$8billionto$10billioncoal-to-chemicalsprojectwithpartnerShenhuaGroupandDuPont'
sjointventurewithChenguangChemicalResearchInstitutetoproducefluoroelastomers.
Chinesecompaniesarealsogrowingstrongerandmakingsignificantcapitalinvestmentsdomesticallyandinternationally.SOEsSinopec,PetroChina,CNOOC,ChemChina,andSinochemallsawyear-over-yearrevenueincreasesofmorethan30percentin2010.Becauseofgovernmentsupport,theseSOEshavealmostunlimitedbudgetstopursuetheirstrategiesandinternationalexpansionandtoincreasetheircompetencies.Multinationals'
competitivepositionisgrowingmoredifficult,notjustinChina,butpotentiallyglobally.
TheRulesHaveChanged
Withthechemicalindustry'
sincreasedprominenceinChina,therulesofthegamehavechanged—moresuddenlythanmanyinglobalheadquarters
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