Sinochem Group, a key State-owned conglomerate involved in energy, agriculture, chemicals, real estate and financial services, will engage in innovation-driven reform to meet the needs of China's supply-side structural reform, said its senior executives.

"While focusing on our major business in energy and chemicals, we will also keep exploring different sectors including agriculture, real estate and finance," said Ning Gaoning, Sinochem's chairman.

"Driven by innovation, the group will enhance its research and development and promote the upgrading of China's energy chemical industry, as well as deploy more resources to develop new materials for producing new energy vehicles," said Ning.