In 2018, the dependence of crude oil on foreign markets in China exceeded 70% for the first time, and its refining capacity reached 831Mt/a, and also, its output and consumption of refined oil products in China were 360Mt/a and 320Mt/a, respectively. Meanwhile, the refining technology of China has reached the world advanced level. Moreover, in China, ethylene capacity, output and consumption reached 25.32Mt/a, 18.41Mt/a and 20.986Mt/a, respectively in 2018, and those for polyethylene achieved 19.34Mt/a, 16.26Mt/a and 30.057Mt/a, respectively. Now, China has become the world second largest after the USA of petrochemical countries. The USA petrochemical industry has been leading the world in terms of both scale and technology. In recent years, benefited from the success of the shale oil and gas revolution, the dependence of crude oil on foreign markets in USA has fallen sharply, and USA has gradually realized energy independence and the petrochemical industry has been injected new vigor and vitality. In petrochemical industry, China has become a large country, but there is still a big gap with the USA. Therefore, to realize the “China dream” of a petrochemical power, some measures must be implemented. China should strengthen the supply of crude oil, expand import channels to achieve diversification, increase domestic exploration and development efforts, and ensure comprehensive energy supply security; strictly control the refining capacity, continue to increase the elimination of backward refining capacity, strengthen the adjustment of unit structure, expand the export of refined oil products, and accelerate the upgrading of traditional oil refining technologies and the innovation of new technologies; adhere to the diversification and low cost of ethylene raw materials, accelerate the adjustment of petrochemical product structure, and strengthen the technological innovation of high-end chemical products.