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BEIJING : China’s industry ministry on Monday outlined a series of actions aimed at helping its power equipment industry achieve annual growth of 9 per cent this year and next, by stepping up domestic purchases and boosting exports.
China is the world’s top producer of many types of electrical power equipment, and is also the biggest solar and wind power market.
“Despite the vigorous demand, in the short term, the industry’s revenue growth in the second half of the year is under pressure to fall, while uncertainties remain in the overseas environment,” it said.
The ministry wants domestic energy projects to step up their purchases of wind, solar and nuclear power equipment to support the market.
It said it will accelerate the launch of verification platforms for large-scale wind turbine blades and will support innovative products.
It will also encourage more enterprises to cooperate with developing countries in renewable energy sectors to promote exports.
China’s solar exports grew 64 per cent to $52 billion in 2022 despite global trade tensions, data from consultancy Wood Mackenzie shows, as high power prices drove up demand for solar panels.
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