In 2019，China’s petrochemical and chemical industry maintained a rapid development speed，with both production and consumption increasing substantially. However，due to the impact of the macro economy，the growth rate of sales revenue decreased，the profit space was compressed，and the industry development was under great pressure. From 2020 to the 14^th Five Year Plan period，China will further promote petrochemical industry layout optimization，so major petrochemical construction is still the focus of the industry structure adjustment. It will further drive the development of large-scale and the base. At the same time，special chemicals and new materials is the focus in industrial investment，and increasing r & d investment and protection of innovation is the key to high quality path for the whole industry. The 14^th Five Year Plan period will be critical period from the petrochemical “great country” to the “Strong Country”.