China is expected to overtake Germany this year to become the world’s top country in terms of newly added solar power generating capacity, an official from China’s top economic planner said Wednesday.
To deal with the overcapacity problem in the domestic solar panel industry, China has undertaken measures to expand the domestic market, Zhang Xiaoqiang, vice chairman of the National Development and Reform Commission, said on the sidelines of the Summer Davos Forum.
The country’s newly installed solar power generating capacity is expectwed to surpass 10 gigawatts this year, which will be more than that of Germany, according to Zhang.
China’s renewable energy sector, including wind and solar power,
has developed rapidly in the past decade, and it still has growth potential in the future, he noted.
Electricity generated by renewable energy accounted for 20 percent of the country’s total power output by the end of 2012, according to a report delivered to the fourth session of the 12th National People’s Congress Standing Committee held on August 26.
The report also said renewable energy has become a new growth engine for China’s economy, with investment of 400 billion yuan ($65.3 billion) in renewable energy power plants last year.
Zhang said six other strategic emerging inwdustries, such as the information technology sector, also have large growth potential.