The Mechanisms for the Development of Petrochemical Industries in Russia and China

Currently, the petrochemical industry is one of the fastest growing industries, the growth rate of which is significantly faster than the growth rate of world GDP. 2010 to 2019 the average growth of petrochemicals was 7.5%, while world GDP increased by 2.4%. Many countries of the world support and develop the chemical and petrochemical complex as one of the most promising areas of the economy. Petrochemical products have a high added value, and the production processes in this industry contribute to the deeper processing of hydrocarbons and, in general, to increase the efficiency of using natural resources. In addition, it is difficult to overestimate the importance of petrochemical products that are used everywhere: both in the production of complex structures or structures, which, for example, are used in aviation and space, and as everyday goods. In accordance with world experience, the observed advanced development of the chemical and petrochemical complex is possible as a result of the formation and application of effective development mechanisms by states. However, the problem of choosing development mechanisms in the petrochemical industry is a rather difficult task with which the governments of some countries cope more successfully than others. China is a successful example of the implementation of industry development mechanisms that allowed this country to become the world leader in the production of petrochemical products, providing about 9.8% of the country's total GDP. While Russia, which has a high level of reserves of raw materials for the petrochemical industry, occupies a rather modest position in the world market, importing most of the petrochemical products, and this industry produces only 1.2% of the country's GDP. At the same time, the Russian government and Russian President Vladimir Putin note the importance of developing the chemical and petrochemical industry as an industry capable of ensuring the growth of the country's economy as a whole and reducing the dependence of government revenues on oil price volatility. In this regard, it seems relevant and important to assess the effectiveness of the mechanisms for the development of the chemical and petrochemical complex used in Russia, and to conduct benchmarking with the mechanisms used in China.