The capital markets of the world oil equipment industry have expanded rapidly in recent years. Between 1999 and 2006, worldwide investment in oil exploration and development increased threefold – from $67.5 billion to $270.8 billion. In 2008, world oil exploration and development investment maintained its rapid growth, with an increase of 10.6 percent. China has already established numerous domestic oil equipment manufacturing bases, and many fast-growing domestic enterprises in this area are now looking to the international market to consolidate their growth. According to data from the National Bureau of Statistics, in 2008 the Chinese oil drilling equipment manufacturing industry achieved an industrial output totalling RMB 57.64 billion – an increase of 49.67 percent –, with the value of new products output increasing by 22.2 percent to RMB 9.12 billion, and the value of export deliveries up 25.9 percent to RMB 9.73 billion. The total industrial output value of the refining and chemical production equipment manufacturing industry reached RMB 27.32 billion – an increase of 40,4 percent –, with the value of new products output increasing by 31.6 percent to RMB 3.01 billion, and the value of export deliveries up 33.5 percent to RMB 1.18 billion.