Business Review

In 2023, China, as one of the largest economies, presented a relatively strong resilience for growth with its green, low-carbon and high-quality development. During the year under review, the growth rate of the national electricity consumption increased year-on-year. The power market remained safe and stable with a generally balanced power supply and demand, safeguarding the power supply for socio-economic development and household consumption. The power industry achieved remarkable results in its green and low-carbon transformation, and the optimization and adjustment of the power source structure have been progressing at a faster pace.

In 2023, the national total power generation recorded a year-on-year increase of 5.2%, while the national total electricity consumption in China rose by 6.7% year-on-year with the growth rate increased by 3.1 percentage points as compared with 2022. The year-on-year increase in the growth rate of electricity consumption was driven by the rebound of the national economy.