China Petroleum & Chemical Corp. said it expects low price of crude oil to become commonplace. File Photo by UPI/Shutterstock/ekina. Fu Chengyu , chairman of the company known also as Sinpece, said his company last year was focused on quality growth , adjusting each segment of its business accordingly. “In 2015, China will enter a new normal phase of slower growth while international crude oil prices are likely to stay low,” he said in a statement Sunday. “The company still faces a challenging operating environment. Sinopec will seize the opportunities and tackle the challenges.” The phrase “new normal” was coined last year by Chinese President Xi Jinping , who said qualitative growth was favored over quantitative growth. China, in the 35-year period ending in 2013, posted double-digit growth. It has slowed down to around 7.5 percent in recent years. For Sinopec, last year’s capital spending was down 4.2 percent. […]