Analysis of China's Renewable Energy Development under the Current Economic and Technical Circumstances

Abstract At present, the development of renewable energy relies mainly on government support. The government invests in a considerable number of projects to improve public welfare and to assist in poverty relief. If China is to replace fossil fuels on a large scale with renewable energy sources, the production costs and prices of renewable energy must be brought down. All countries are facing the challenge of moving to a more secure and low‐carbon energy system without weakening economic and social development. In this regard, China is facing an even greater challenge in terms of economic cost, as cheap coal remains the main energy form. Technical innovation and industrialization in the area of renewable energy is an important means of lowering cost. China is in for a period of high‐speed development of its economy and the rising demand for energy is irreversible. If the technical progress and development speed of renewable energy lags behind the growth in demand, it will be difficult to realize the improvement of its energy structure.