China's energy economy to return to 2019 highs this year: report

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A photovoltaic power station in Shangzhang Township, Xianju County, Taizhou, Zhejiang Province, Jan. 8, 2023. /CFP

China's energy economy is expected to grow in 2023, as many industries are anticipated to recover from the impact of the pandemic and return to historic highs last seen in 2019, according to a new report released Sunday.

China's energy economy showed a stable recovery in 2022, with fluctuations similar to the wider economy but within a smaller range, according to a report from the Beijing Institute of Technology in conjunction with other institutions.

The energy sector is expected to continue its recovery in the first quarter of 2023 and return to historic highs last seen in 2019, with many energy industries overcoming the effects of the pandemic, the report noted.

The report showed that domestic production began recovering during the second half of 2020, while the energy sector started improving in the third quarter of 2020.

Despite challenging international conditions, domestic production continued to recover in 2022, and the energy economy moved from a stable state to a continuous rise.

Tang Baojun, deputy director of the Center for Energy and Environmental Policy Research at the Beijing Institute of Technology, said that some industries such as photovoltaic power generation, wind power generation, and automatic control equipment for the power grid maintained strong performance, while the new energy vehicle sector had also steadily risen in recent years.

Tang emphasized the need for the energy industry to ensure security and stable supply, seize the opportunity for macroeconomic recovery, and upgrade quickly to aid national economic revitalization.

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13:33, 08-Mar-2025