Abstract: As an important economic foundation and pillar industry of the country, China’s petrochemical industry has had good situations in overall benefits and overall development in recent years. The market demand has maintained a relatively high level, the added value of the industry has increased year by year, the industrial concentration and technical equipment levels have increased significantly, and a number of major scientific and technological innovations have been achieved. However, as far as the current industry development is concerned, there are still many contradictions, difficulties and problems. Competition in domestic and foreign markets is fierce and this trend will exist for a long time. There are difficulties in domestic petrochemical business environment. The level of international operations needs to be improved. In the future, China’s petrochemical industry should take active measures, such as focusing on resolving the contradiction of overcapacity, strengthening the total balance and structural adjustment, accelerating the cultivation and growth of emerging industries, promoting the information integration, deeply implementing the six green action plans to ensure quality upgrading and achieve production meeting environmental protection standards, solidly promoting the Belt and Road international production capacity cooperation to achieve an international layout, accelerating the strategic transformation and upgrading to achieve technological innovation, and strengthening the management innovation to promote the high-quality development of the industry.

Key words: petrochemical industry, development status, principal problem, development trend, countermeasures