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China must shut down outmoded facilities and reduce pollution to consolidate the development and production of petrochemical industry, according to a guideline issued Wednesday.
Petrochemical industrial development is hindered by overcapacity along with security and environmental constraints, according to the guideline issued by the State Council, China's cabinet.
The guideline said that foreign companies are to be allowed to participate in mergers and acquisitions in the sector.
Seven planned coastal petrochemical production bases will be built to consolidate the sector.
By 2020, energy consumption per 1,500 U.S. dollars of output will be cut by 8 percent from the 2015 level, with carbon dioxide emissions and water consumption by 10 percent and 14 percent, respectively, an official source said.
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