The 4th China Petroleum and Chemical Sustainable Development Forum opened today in Shanghai. "Driven by Innovation, Empowered by Technology" has become a hot topic across the chemical industry.
On the morning of June 27, at the Global Petrochemical CEO Roundtable, a gathering of industry KOLs, General Manager of Sinochem International (600500) Liu Hongsheng proposed that as the flagship enterprise of Sinochem in the chemical sector, Sinochem International is undergoing radical adjustment as guided by the "In Science We Trust" philosophy. Taking sci-tech development as an example, Sinochem International invested up to RMB 522 million in scientific and technological innovation in 2017, surging 69% year-on-year, indicating this central chemical enterprise's determination and commitment to R&D progress.

The Forum, with East China University of Science and Technology being the undertaker for four consecutive years since 2015, has attracted nearly 2,000 representatives of well-known enterprises this year.
Liu Hongsheng, General Manager of Sinochem International, introduced the background and meaning of the "In Science We Trust" to the participants. In March of this year, Frank Ning, Chairman of Sinochem Group, put forward "In Science We Trust" based on his thoughts on and comprehension of the contemporary era. Then Sinochem Group further came up with a development strategy "To transform into an innovation platform that is driven by science and technology", aiming to lead in industrial upgrading with "scientific and technological innovation", and build Sinochem into a world-class enterprise with global competitiveness.

"Throughout the history of Sinochem spanning over six decades, this is the first time for the Group to place scientific and technological innovation in such an important position", Liu Hongsheng said, "As the flagship enterprise of Sinochem in the chemical sector, Sinochem International is a pioneer in practicing 'In Science We Trust'. The company has been experiencing profound changes in areas such as strategic transformation, management system, talent evaluation mechanism, and R&D system in the past six months, as it intends to build up an ‘innovation-driven’ operation management system from all aspects."
Taking the construction of a sci-tech innovation system as an example, Sinochem International has so far initially established a two-level R&D organization structure where a central institute and R&D platforms of specific professions complement each other. The innovation system has integrated R&D strategies, projects, achievements, resources, and information management as one, and completed the development of product plans, technology plans, and intellectual property strategies. At the same time, a "product manager system" and a "phase-gate" R&D project management mechanism have been introduced. The Sinochem International Science and Technology Innovation Center with an investment of nearly RMB 100 million was also completed and put into use in May last year.
In 2017, Sinochem International invested up to RMB 522 million in science and technology, surging 69% year-on-year and accounting for 4.9% of the output revenue; the compound growth rate of the company’s sci-tech investment in the past three years reached 30%. In the same year, the "new product sales revenue", an indicator that measures the conversion capability of sci-tech investment, recorded RMB 2.7 billion, a year-on-year increase of 32%. The number of R&D staff reached 436, increasing by 25% over the same period last year and occupying nearly 50% of all scientific and technical personnel. Among them, the proportion of highly educated personnel rose year by year, with those holding a master's degree and above accounting for nearly 50%. For the time being, 76 projects are under research, and 4 are applying for inclusion into state planned programs; 2 projects have been honored provincial science and technology awards, 6 granted industry and association awards. The company has participated in the revision of 2 national standards, and presided over the formulation of 2 industry standards.
Liu Hongsheng said that Sinochem International has lifted "innovation-driven" to a strategic height. In the future, guided by materials science and life science, it targets at being a provider of high-performance material solutions for NEV and a pesticide benchmark in China. With equal focus on internal integration and external extension, it is determined to vigorously expand its business in new chemical materials and new energy.