China's renewable energy share in power generation reaches new high

China's installed power generation capacity from new energy sources is growing rapidly, with the share of electricity generated reaching an all-time high.

From January to May, key national enterprises allocated over 70 percent of their total power investments to renewable energy generation.

In Guazhou County, northwest China's Gansu Province, the main project of the world's first 'dual-tower solo generator' solar thermal energy storage power station has recently entered the commissioning phase. This power station uses molten salt to store excess solar energy, ensuring a stable and uninterrupted power supply around the clock.

When operational by the end of the year, the station will complement adjacent photovoltaic and wind power facilities. Together, they will form a 700,000-kilowatt multi-energy complementary clean energy hub that is expected to generate an annual electricity output of 1.8 billion kWh.

Additionally, a wind farm developed by China Datang Corporation Ltd. is under construction in Basu County, southwest China's Tibet Autonomous Region. Located at an average altitude of 5,050 meters, the facility will feature 20 wind turbines upon completion and is expected to generate an annual electricity output of 223 million kWh for the region.

"From January to May, the installed capacity of new energy accounted for 53.4 percent of China's total installed power generation capacity, up by 4.7 percentage points compared to the same period last year. This indicates continued improvements in the power supply structure in China," said Yang Kun, executive vice president of China Electricity Council.

As the scale of renewable energy use expands, innovative technologies and models are continually emerging, driving the nation's advancement of modern electrical systems.

The first large-scale wind power and photovoltaic (PV) base project in the Yangtze River Delta region organically integrates PV, wind power, and energy storage. The base can boost power generation during high demand and store extra power when demand is low.

Moreover, China Southern Power Grid, the country's primary power grid operator, is employing AI to forecast the power needs of cities and provinces for the next 10 days. By analyzing data with over 30 AI algorithms, this approach ensures precise power dispatching.

Between January and May, 80 percent of China's new power generation capacity came from renewable sources. Additionally, the share of power generated by renewables has increased from 32 percent at the end of 2023 to 34.2 percent currently.

China's renewable energy share in power generation reaches new high

China's financial aggregates grew at a reasonable pace and the financial system provided stable support for the real economy in the first half of this year, according to the latest official data released by the central bank on Wednesday.

People's Bank of China (PBOC) data show that at the end of June, the balance of the broad money supply (M2) grew by 8 percent year over year, continuing to exceed that of nominal GDP (gross domestic product).

In the first half of the year, new Chinese yuan loans totaled 10.72 trillion yuan (about 1.58 trillion U.S. dollars) and new bond financing amounted to 8.51 trillion yuan (about 1.26 trillion U.S. dollars). The share of bond financing increased and the financial system's support for the real economy remained solid in the first six months.

While aggregate financing volume increased, more credit funds flowed into key areas and weak links such as sci-tech innovation and small and micro enterprises in the first half of the year.

As of the end of June, the outstanding balance of inclusive loans to small and micro enterprises grew by 8.3 percent year on year, and the outstanding balance of medium- and long-term loans to the industrial sector rose by 5.9 percent -- both exceeding the growth rate of total loans.

The overall social financing cost was at a historically low level in the six-month period.

In June, the average interest rate on newly issued corporate loans was around 3.0 percent, about 20 basis points lower than the same period of the previous year. The interest rate for newly issued personal housing loans was about 3.1 percent, basically on a par with that of the same period last year.

The Chinese exchange rate remained stable with an upward trend in the first half of the year. The Chinese yuan had appreciated by 4.7 percent against a basket of foreign currencies by the end of June and by 3 percent against the U.S. dollar compared to the end of last year. "Overall, major macro financial indicators reflecting the operation of the financial sector fully demonstrate the status of the appropriately accommodative monetary policy. The social financing conditions are relatively accommodative, while the quality and efficiency of financial services for the real economy are constantly improving," said Zou Lan, deputy governor of PBOC.

China's financial aggregates grow at reasonable pace in Jan-June