China establishes internationally competitive new energy industry chain

QINGDAO -- China has established a complete new energy industry chain which is internationally competitive and provides more than 80 percent of global photovoltaic components and 70 percent of the world's wind power equipment, an energy official said Wednesday.

Over the past decade, China has been key in lowering the average cost per kilowatt-hour of global wind and photovoltaic power generation projects, which have seen decreases of more than 60 percent and 80 percent, respectively, Zhang Jianhua, head of the National Energy Administration, said at a meeting in Qingdao, east China's Shandong Province.

China's wind and photovoltaic products have reached over 200 countries and regions worldwide -- not only enriching global supply but also making outstanding contributions to green energy transition and the stability of the global energy market, Zhang added.

By the end of 2023, China's installed capacity of wind and photovoltaic power had increased tenfold compared to a decade earlier, while the proportion of clean energy consumption in total energy consumption had risen from 15.5 percent to 26.4 percent.

Energy ministers from Belt and Road countries, ambassadors to China, and leaders of major domestic energy enterprises and financial institutions attended the meeting, engaging in discussions on topics such as energy transition and energy security, new energy storage, and advanced nuclear power technologies.