Year in Review: Renewables Start to Power China’s Economy

After supporting renewable manufacturing industries for nearly two decades with consistent policies, China in 2023 consolidated its dominant position in the production of lithium-ion batteries, electric vehicles (EVs) and solar cells.

The combined exports of the three products — dubbed the “new three” — reached nearly 800 billion yuan ($113 billion) in the first three quarters of 2023, up 42% from the same period last year, according to official numbers. This compares to a mere 0.6% of year-on-year rise in China’s overall exports during the same period, signifying their growing importance in China’s GDP.