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 foreign exchange reserves have remained above 3.2 trillion U.S. dollars for more than nine consecutive months, official data showed on Saturday.

The amount totaled 3.2882 trillion U.S. dollars at the end of August, an increase of 31.8 billion U.S. dollars, or 0.98 percent compared to the end of July, the State Administration of Foreign Exchange (SAFE) said.

Due to factors such as macroeconomic data, monetary policies and expectations in major economies, the U.S. dollar index declined while global financial asset prices generally increased in August, experts say.

"China's export structure continues to improve, the proportion of general trade has steadily increased, the competitiveness of 'new trio' and other products has gradually strengthened, the policy dividends of free trade zones have continued to be released, new foreign trade formats such as cross-border e-commerce and offshore trade have continued to emerge, and economic and trade cooperation with countries participating in the Belt and Road Initiative is increasingly deepening," said Wen Bin, the chief economist of the China Minsheng Bank.

China's economic operation is generally stable and has made steady progress, which will help sustain the stability of the country's foreign exchange reserves.

"At the same time, as China's high-level financial opening up steadily expands, foreign institutional investors continue to be optimistic about China's capital market, and the amount of Chinese bonds they hold has reached a record high, which also provides support for the stability of our scale of foreign exchange reserves," Wen said.

China's forex reserves remain above 3.2 trillion US dollars