China's "New Three" Exports: Solar Cells, Lithium Batteries and Electric Vehicles

China's "New Three" Exports: Solar Cells, Lithium Batteries and Electric Vehicles

The "new three" has become a buzzword among Chinese officials and official media recently, referring to solar cells, lithium batteries and electric cars. These three products have performed strongly in exports this year.

The main drivers behind the rapid growth of the "new three" are continued government support, an early start, a strong and inexpensive domestic supply chain, and a large domestic market that facilitates economies of scale.

Although the "new three" is a relatively new term, the rise of these three products, which are critical to carbon reduction, did not happen overnight.

To promote the development and use of renewable energy, China introduced the Renewable Energy Law in 2005. Two years later, the central government upgraded the development of the renewable energy sector to a national strategy in two key policies aimed at promoting renewable energy production and research. These two policies - China's National Programme to Combat Climate Change and the Medium- and Long-Term Development Plan for Renewable Energy - elevated the goal of developing the sector beyond merely combating pollution.

Promising trends and emerging markets are paving the way for widespread adoption of renewable energy. As technology advances and awareness grows, solar energy is becoming increasingly accessible and affordable to consumers and businesses worldwide.