Experts suggest that China should implement energy marketization as soon as possible

How can we enhance energy efficiency and reduce overall consumption to support sustainable social development? At the Boao Forum's "Energy and Sustainable Development" session on the 20th, officials and business leaders from around the world emphasized that China should accelerate the implementation of market-based energy pricing to drive energy conservation through economic signals. Gao Chengzhi, president of Woodside Energy Co., Ltd. in China, highlighted that Asia’s and the world’s sustainable development opportunities largely depend on China’s ability to manage its resources effectively. While 96% of retail energy prices in China are already influenced by market demand, the energy pricing system is not fully market-oriented. A market-led pricing mechanism serves as a critical signal that influences both consumers and manufacturers, encouraging more efficient energy use. Woodside is currently involved in a costly LNG cooperation project with Guangdong and is constructing a $400 million LNG receiving terminal in Shenzhen. Gao pointed out that Chinese companies face internal challenges, particularly due to the dual-track pricing system for natural gas and electricity. This system puts domestic firms at a disadvantage when competing with international clean energy sources. Wang Keming, vice chairman of Sinopec, shared several examples illustrating how price distortions affect consumer behavior. For instance, China’s aviation fuel prices are much lower than global levels, leading many international flights to refuel at Chinese airports. In the first half of this year, fuel consumption in Hong Kong dropped by a third, with many Hong Kong drivers crossing into Shenzhen to refuel. Additionally, despite rising global oil prices, large-displacement cars and SUVs continue to sell well in China—indicating that market pricing plays a crucial role in shaping consumption patterns. Zhang Yue, president of Broad Air, argued that the absence of clear price signals hinders the adoption of clean energy and energy-efficient products. In airports like Bangkok and Madrid, non-electric air conditioning systems powered by natural gas, solar energy, and waste heat are widely used. In Japan and South Korea, non-electric air conditioners make up over 80% of the large HVAC market, while in China, the share is less than 20%. Zhang noted that in Japan, government incentives such as taxes and subsidies help reduce the cost of energy-saving equipment to just 20–30% of the original price. He suggested that if China could regulate building energy use like Europe does, and provide clear market price signals, people would start considering energy efficiency in their daily choices—whether selecting an air conditioner, adjusting curtains, or choosing a car. Even homebuyers might take into account the energy performance of a property’s glass curtain walls. Fei Xide, chairman of Germany’s Degussa company, emphasized that the government should leverage market mechanisms such as taxation and pricing to give citizens real opportunities to choose energy-efficient options. By aligning economic incentives with sustainability goals, China can pave the way for a more energy-conscious future.

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