A new investment-approval process for petrochemical projects in China was put in place at the first meeting of the Tenth National People's Congress (NPC) in early March. With immediate effect, investors in petro-chemical and all other projects costing USUS50m or more need only seek approval for their feasibility studies from the State Development and Reform Commission (SDRC) and then a rubber stamp from the State Council, after the initial go-ahead has been given by local goverments.
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