China promotes development of private economy in energy sector

China has introduced new measures to accelerate the development of the private economy in the energy sector and guide private enterprises to play a greater role in advancing the green, low-carbon transition of the industry, according to the National Energy Administration on Monday.

Measures include those that support private enterprises in investing in and building energy infrastructure projects such as hydropower facilities, oil and gas storage facilities, and liquefied natural gas terminals, as well as those that encourage private investment in emerging areas like new energy storage, virtual power plants, charging infrastructure and smart microgrids, according to a circular released by the administration.

Private enterprises will be encouraged to participate actively in the energy sector's major technological innovation, and to accelerate their transformation and upgrading, per the circular.

They will also be encouraged to accelerate digitalization and smart upgrades, promote technological innovation in renewable energy facilities, and develop advanced recycling technologies and business models to improve resource efficiency.

Efforts will be made to ensure a level playing field for private enterprises by improving market access and enhancing mechanisms for the allocation of production factors, and through the further regulation of the energy market order.

Efforts will also be made to streamline approval procedures for energy investment, effectively protect the legitimate rights and interests of private enterprises, and support and guide them in expanding into overseas markets and enhancing their international competitiveness, according to the circular.