Under the impact of the COVID-19 epidemic, China’s GDP still achieved a growth rate of 2.3% in 2020. The share of the tertiary industry in the national industrial added value further raised from 53.9% to 54.5%, accounting for the largest proportion. Despite the impact of the COVID-19 epidemic, China’s power consumption in 2020 has turned from negative to positive in the second quarter of the year with the resumption of work and production.
By the end of 2020, China’s total installed power generation capacity reached 2,201 GW, with a year-on-year increase of 9.5%, which is 3.7 percentage points higher than that in 2019. Non-fossil fuel accounted for 44.7%, increased 2.7 percentage points from 2019. Renewable energy accounted for 72.8% of newly installed capacity, and cumulative installed capacity reached 934 GW, making an increase of 17.5% year-on-year. Therefore, although coal power generation capacity increased by 39 GW, its share in total installed capacity fell below 50% (49.1%) for the first time.
It is estimated that in 2021, the newly installed capacity of wind power and solar PV will reach 70-100 GW. Among which, the newly-added wind power is mainly the onshore projects approved in 2019-2020 and the offshore projects approved during the 13th Five-Year Plan period; the newly-installed solar PV is the subsidized projects through bidding in 2020, subsidy-free projects approved in 2019-2020, and household solar PV projects approved in 2021. According to the government’s renewable power consumption target, during the 14th Five-Year Plan period, the growth of renewable power installed capacity will be significantly higher than that of the 13th Five-Year Plan period.