Page 198 - 2023 White Paper on the Business Environment in China
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3 White Paper on the Business Environment in China
it comes to EVs, which it plans to constitute 40 the total and the generation capacity for wind and
percent of all vehicles sold in the country by 2030. solar power is to be doubled. The main factors
It also aims to facilitate charging infrastructure to behind the success are abundant experience
meet the needs of more than 20 million cars, again and advanced technology associated with
demonstrating how China is acting as a world hydropower projects, which also are witnesses
leader in the transition to renewables (Fowdy). to China's growth from catching up to leading
the world in the sector. In recent years, China's
China's installed capacity of renewable energy hydropower projects have had a positive effect on
had reached 1.1 billion kilowatts by the end of May improving people's livelihoods and environmental
2022, up 15.1 percent year-on-year. From January to protection, and China is expected to lead the world
May, China's newly installed capacity of renewable in hydropower innovation in the near future.
energy was 43.49 million kilowatts, accounting for Currently, wind power is one form of the green
82.1 percent of the total newly installed capacity energy with the quickest development. Compared
of power generation. During this period, 1.06 with onshore wind power, offshore wind power is
trillion kilowatt-hours of electricity were generated less restrained by factors such as land occupancy
through renewable sources, up 16.8 percent year- and noise pollution. Developing offshore wind
on-year, accounting for about 31.5 percent of the power has become a blue engine to drive green
country's power consumption. China has made and low-carbon development in China's eastern
significant strides in renewable energy production coastal regions. China commissioned 16.9 million
in recent years to enhance its energy structure. The kW of offshore wind power capacity in 2022, which
country has pledged to strive for peaking carbon accounted for over 80 percent of the world's total
dioxide emissions by 2030 and achieving carbon and pushed China's total installed capacity to
neutrality by 2060 (Xinhua, China’s Installed). 26.93 million kW. The surge in installed capacity
of offshore wind power has attracted a total of
China unveiled an action plan in August 2022 to 320 billion RMB of investment in the same year.
expedite the green and low-carbon development of With a total of 26.93 million kW installed capacity,
electrical equipment amid the country's efforts to China surpassed the United Kingdom and led
meet its carbon peak and carbon neutrality goals. the world's ranking in 2021. Photovoltaics, or PV
Within five to eight years, a marked improvement for short, is the conversion of light into electricity
will be made in the demand and supply structure using semiconducting materials that exhibit the
of China's electrical equipment, and the efficiency photovoltaic effect. In recent years, China has
of its power grid will be significantly enhanced. made huge developments in PV technology, as
The installed capacity of renewable energy will well as lab research of some key components.
continue to improve, according to the plan, which However, systemic research of equipment
also specifies that the wind and solar power operations outdoors is still insufficient. China's first
equipment will meet the installed demand of PV and Energy Storage Demonstration Experiment
over 1.2 billion kilowatts, and nuclear power Platform was established in Daqing, Northeast
equipment will reach the installed demand of 70 China's Heilongjiang province on Nov 19, 2021. The
million kilowatts. Efforts will be made to boost the successful installation is a significant step in the
green transition of power generation equipment, development of China's grid-connected PV system,
promote breakthroughs in core technologies as it offers a good data base and scientific grounds
and accelerate the smart transition of electrical for developing industrial policies and technology
equipment by deepening integration with new standards (CD, China Begins to Lead).
information technologies (Xinhua, Plan to Boost).
Wind and Solar Subsidies
China has achieved leapfrog development
in renewable energy, with its installed capacity The speed of China's ascent in solar and wind
of renewable energy ranking top in the world. energy over the past ten years can be attributed
During the 14th Five-Year Plan (2021-25) period, partially to its system of subsidy support. As
China's renewable energy generation capacity is solar and wind power get closer and closer
expected to account for more than 50 percent of
198
it comes to EVs, which it plans to constitute 40 the total and the generation capacity for wind and
percent of all vehicles sold in the country by 2030. solar power is to be doubled. The main factors
It also aims to facilitate charging infrastructure to behind the success are abundant experience
meet the needs of more than 20 million cars, again and advanced technology associated with
demonstrating how China is acting as a world hydropower projects, which also are witnesses
leader in the transition to renewables (Fowdy). to China's growth from catching up to leading
the world in the sector. In recent years, China's
China's installed capacity of renewable energy hydropower projects have had a positive effect on
had reached 1.1 billion kilowatts by the end of May improving people's livelihoods and environmental
2022, up 15.1 percent year-on-year. From January to protection, and China is expected to lead the world
May, China's newly installed capacity of renewable in hydropower innovation in the near future.
energy was 43.49 million kilowatts, accounting for Currently, wind power is one form of the green
82.1 percent of the total newly installed capacity energy with the quickest development. Compared
of power generation. During this period, 1.06 with onshore wind power, offshore wind power is
trillion kilowatt-hours of electricity were generated less restrained by factors such as land occupancy
through renewable sources, up 16.8 percent year- and noise pollution. Developing offshore wind
on-year, accounting for about 31.5 percent of the power has become a blue engine to drive green
country's power consumption. China has made and low-carbon development in China's eastern
significant strides in renewable energy production coastal regions. China commissioned 16.9 million
in recent years to enhance its energy structure. The kW of offshore wind power capacity in 2022, which
country has pledged to strive for peaking carbon accounted for over 80 percent of the world's total
dioxide emissions by 2030 and achieving carbon and pushed China's total installed capacity to
neutrality by 2060 (Xinhua, China’s Installed). 26.93 million kW. The surge in installed capacity
of offshore wind power has attracted a total of
China unveiled an action plan in August 2022 to 320 billion RMB of investment in the same year.
expedite the green and low-carbon development of With a total of 26.93 million kW installed capacity,
electrical equipment amid the country's efforts to China surpassed the United Kingdom and led
meet its carbon peak and carbon neutrality goals. the world's ranking in 2021. Photovoltaics, or PV
Within five to eight years, a marked improvement for short, is the conversion of light into electricity
will be made in the demand and supply structure using semiconducting materials that exhibit the
of China's electrical equipment, and the efficiency photovoltaic effect. In recent years, China has
of its power grid will be significantly enhanced. made huge developments in PV technology, as
The installed capacity of renewable energy will well as lab research of some key components.
continue to improve, according to the plan, which However, systemic research of equipment
also specifies that the wind and solar power operations outdoors is still insufficient. China's first
equipment will meet the installed demand of PV and Energy Storage Demonstration Experiment
over 1.2 billion kilowatts, and nuclear power Platform was established in Daqing, Northeast
equipment will reach the installed demand of 70 China's Heilongjiang province on Nov 19, 2021. The
million kilowatts. Efforts will be made to boost the successful installation is a significant step in the
green transition of power generation equipment, development of China's grid-connected PV system,
promote breakthroughs in core technologies as it offers a good data base and scientific grounds
and accelerate the smart transition of electrical for developing industrial policies and technology
equipment by deepening integration with new standards (CD, China Begins to Lead).
information technologies (Xinhua, Plan to Boost).
Wind and Solar Subsidies
China has achieved leapfrog development
in renewable energy, with its installed capacity The speed of China's ascent in solar and wind
of renewable energy ranking top in the world. energy over the past ten years can be attributed
During the 14th Five-Year Plan (2021-25) period, partially to its system of subsidy support. As
China's renewable energy generation capacity is solar and wind power get closer and closer
expected to account for more than 50 percent of
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