The Chinese government encourages investment from multi-nationals in the country's chemical industry, said Vice-Premier Zeng Peiyan at a meeting in Beijing Monday with Jim Ratcliffe, chairman of the Britain-based INEOS.

Zeng said China will, over the next five years, perfect and develop its basic chemical materials sector and actively promote the development of its refined chemical industry while giving up highly-polluting chemical enterprises.

He said the Chinese government encourages investment in the chemical industry from multi-nationals with capital and technologies, especially in its central and western areas and northeast China.

He said he hopes that the INEOS will explore businesses in China in petrochemicals and refined chemicals, and abide by Chinese laws in project construction.

He said he also hoped the INEOS will give priority to resources-saving, environment-friendly requirement and the development of a recycling economy, and strengthen cooperation with Chinese businesses to realize reciprocal and win-win results and common development.

Ratcliffe briefed Zeng on the company's future plan on business cooperation with the Chinese side.

The two sides also exchanged views on further strengthening cooperation in the refined chemical industry.

The INEOS now ranks the third among world chemical businesses with an annual sales volume of 33 billion U.S. dollars and 15,600 employees.

Source: Xinhua