OIES – China Energy Monthly, Sep 2024

China has achieved significant milestones in its renewable energy and electric vehicle sectors, with new energy vehicle (NEV) sales surpassing 50% of total car sales ahead of schedule and installed wind and solar capacity meeting its 2030 target six years early. However, changing consumption patterns in China remains a challenge. Despite the growth of renewable capacity, thermal power generation has only gradually decreased. The government's proposal for strict fuel efficiency standards may further impact gasoline use. The economy is showing signs of slowing down, with oil demand growth revised down. Trade actions from other countries are affecting Chinese exports, with tariffs imposed on Chinese products in various industries. Beijing is focusing on expanding its emissions trading system and improving its carbon accounting system to enhance global competitiveness. Capacity building in green technologies is being prioritized, even at the expense of economic growth.