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. They believe that using market mechanisms is a crucial step in promoting energy conservation. 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 achieve long-term environmental goals. While 96% of retail energy prices in China are already influenced by market demand, he pointed out that the energy pricing system is still not fully market-oriented. A market-driven pricing model serves as a vital signal that directly influences consumers and encourages more efficient production practices. Woodside is currently involved in a major LNG project with Guangdong and is constructing a $400 million LNG receiving terminal in Shenzhen. Gao noted that Chinese companies face internal challenges, particularly due to the dual-track pricing system for natural gas and electricity. This system makes them vulnerable to international competition when it comes to clean energy imports. Wang Keming, vice chairman of Sinopec, shared several examples illustrating how market prices shape consumer behavior. For instance, China's aviation fuel prices are significantly lower than global rates, leading many international flights to refuel at Chinese airports. In the first half of this year, Hong Kong saw a one-third drop in fuel usage, with many vehicles crossing into Shenzhen for cheaper refueling. Additionally, despite rising global crude oil prices, large-displacement cars and SUVs remain popular in China—indicating that market pricing continues to influence consumption patterns. Zhang Yue, president of Broad Air, argued that the lack of price signals is hindering the adoption of clean energy and energy-efficient products domestically. He cited examples from Bangkok and Madrid airports, where non-electric air conditioners powered by natural gas, solar energy, or waste heat are widely used. In Japan and South Korea, such systems make up over 80% of the large-scale air conditioning market, while in China, their share is less than 20%. Zhang explained that in Japan, government incentives like taxes and subsidies help reduce the cost of energy-saving devices to just 20-30% of the original price. He suggested that if China could regulate building energy use similarly to Europe, and provide clear market price signals, consumers would start making more energy-conscious choices—whether selecting home air conditioners, window curtains, or car models. Even housing decisions might take energy efficiency into account, such as considering the size of a building’s glass curtain walls. Fei Xide, chairman of Germany’s Degussa company, emphasized that the government should use market tools like taxation and pricing to give people real opportunities to choose energy-efficient options. By aligning economic incentives with sustainability goals, China can drive meaningful change in energy consumption patterns and pave the way for a greener future.

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