New energy sector sees significant traction

China's new energy industry saw substantial growth in open competition in recent years, catering to its low-carbon development needs, fueling global green economic growth, and notably lowering barriers for the sector's development in Global South nations, said a report released on Friday.

Co-authored by the China Institute of International Studies and the Academy of China Council for the Promotion of International Trade, the report stated that China's new energy industry represents advanced production capacity, enriching global supply, easing global inflation pressures, and making significant contributions to battling global climate change and promoting energy transition.

The report highlighted that there remains a substantial green production capacity gap in achieving sustainable development goals by 2030. In the process of promoting green and low-carbon transformation and development, sectors like electric vehicles in the new energy field hold immense market demand, presenting a shared opportunity for all countries.