China’s New Energy Market Has a Bright Future

Global News

Mr. Zhong Baoshen, the new Chairman of China New Energy Chamber of Commerce, All-China Federation of Industry and Commerce, said on January 12 that energy development faced the dual task of promoting economic growth and tackling climate changes, and “the development of new energy has become an inevitable trend.”

According to China News Service, at the New Year Reunion held by China New Energy Chamber of Commerce in Beijing, Zhong Baoshen stressed in his welcoming speech that the new energy industry had a bright future. He quoted official data as saying that China’s total renewable energy power generation installed capacity was 656 GW by the end of 2017, and China accounted for 40% of the global newly installed capacity. Since 2016, China has become the world’s largest renewable energy producer and consumer, in which new energy has played an important role.

“Compared with 2016, the growth of global new energy industry investment in 2017 was not significant, but the performance of the Chinese market was remarkable.” Kou Nannan, Senior Analyst at Bloomberg New Energy Finance, mentioned that the investment in the international PV industry in the first three quarters of 2017 increased by 25% year on year, and the Chinese market was the main source of growth.

Wang Zhongying, Deputy Director of the Energy Research Institute of National Development and Reform Commission, compared the significance of energy to economy as three meals to human. “Currently, the ration of ‘three meals’ in developed countries tends to be stable, while our demand is still on the rise.” He emphasized that in addition to improving energy utilization efficiency and reducing energy consumption per unit of production, what is more important is to adjust the energy supply structure and increase the proportion of new energy.

In recent years, the booming new energy industry has also created new opportunities for the economic and trade exchanges and the enterprise cooperation between China and foreign countries. Ian Macintosh, Commercial Counselor of Australian Embassy in China, mentioned at the New Year Reunion that the economic and trade ties between Australia and China, including the new energy industry, were tight. At present, enterprises like State Power Investment Corporation have built million-kilowatt-class wind power stations in Australia.

According to Ian Macintosh, the new energy industries of Australia and China are highly complementary. China’s new energy market has broad prospects, while Australia has abundant wind and solar energy resources, and world-class new energy research capacity. He also expressed his willingness to provide policy and information services for Chinese enterprises, and build a bridge for the cooperation of Australian and Chinese new energy enterprises.

In addition to Australia’s, the representatives of other countries including Denmark, India and Norway also spoke at the Reunion, and expressed their wishes to cooperate with China in the new energy area.