China's energy intensity, or energy consumption per unit of the GDP, is expected to decrease by over three percent in 2024, exceeding the annual target, a deputy chief of the country's top economic planner said on Friday.
Speaking at a press conference in Beijing, Zhao Chenxin, deputy director of the National Development and Reform Commission, said that China will further strengthen efforts in controlling the volume and intensity of energy use.
Eying a significant increase in energy efficiency, China aims to lower its energy consumption per unit of the GDP by 13.5 percent during the 2021-2025 period, according to the country's 14th Five-Year Plan period (2021-2025).
"In 2024, China made new strides and achieved significant results in green and low-carbon development. Efforts to promote energy conservation and carbon reduction were vigorously advanced, with the energy consumption intensity projected to reduce by more than three percent, surpassing the annual target," Zhao said.
In March 2024, the government launched an action plan to promote large-scale equipment renewal and trade-in of consumer goods as part of efforts to boost domestic demand and support economic growth.
Over the past year, work related to the programs has accelerated the green transition amid the booming sales of new energy vehicles and energy-efficient household appliances, said the official.
"In the Jan-Nov period of 2024, national investment in the purchase of equipment and tools increased by 15.8 percent year-on-year, contributing 65.3 percent to the overall investment growth. During the implementation of trade-in programs, more than 60 percent of consumers opted for new energy vehicles, driving the domestic market penetration rate of new energy passenger vehicles to exceed 50 percent for six consecutive months," Zhao noted.
In 2025, China will further improve the relevant policies and systems of standards for finance, taxation, investment, and pricing to support sound development of green and low-carbon industries, according to Zhao.
"We will continue to advance the operations intended to promote the level of environmental infrastructure construction, and carry out major projects for ecosystem protection and restoration, with continued adoption of promotional efforts. We will deepen the exploration of mechanisms for realizing the value of ecological products. Efforts will be made to achieve greater results in promoting large-scale equipment renewal and trade-in of consumer goods. The year 2025 will see the adoption of new policies to increase funding for promoting large-scale equipment renewal and trade-in of consumer goods, with expansion of their coverage, improvement of the means of their implementation, and amplification of their leverage effect," said the senior official.
China's energy consumption intensity expected to drop for 3 pct in 2024: official
China's energy consumption intensity expected to drop for 3 pct in 2024: official
