The report noted that during China's 14th Five-Year Plan period, polyester bottle-grade chip capacity expanded dramatically, with a total of 10.52 million mt coming online. Processing margins were sharply compressed, and the industry at one point fell into a vicious cycle of "price cuts–production cuts–production restarts." Looking ahead to 2026–2030, the pace of new capacity additions is expected to slow, although the overall volume will remain substantial. Mr. Guo remarked, "A gray rhino is not frightening; what is frightening is turning a blind eye to it." The industry cannot count on sustained, rapid growth in domestic consumption; exports will be the primary channel for absorbing excess capacity.