The report is divided into three parts.

Part 1: A Brief Review of China's PX Development. This section outlines the rapid development of PX capacity in China, the increasing number of integrated plants, and the widespread adoption of new technologies in newly added capacity.

Part 2: The Impact of China's Capacity Expansion on the PX Landscape. This section analyzes PX imports and exports, operating rate across different regions, futures trading, and textile and apparel exports. Mr. Sun mentioned that China's import reliance on PX is rapidly decreasing, leading to a global overcapacity issue. PX is gradually yielding profits to downstream industries. The accelerated integrated development in China has significantly enhanced the export competitiveness of Chinese textiles and apparel, and the growth rate of polyester production has also accelerated.

Part 3: Future Challenges. Currently, Chinese companies still face challenges such as limited pricing power, limited futures delivery volume, and persistent pressure from imports. In the future, as China's PX self-sufficiency rate further increases, the Chinese market may experience even greater transformations.