Energy strategy has become a growing focus both within and outside the industry. Recently, a book launch and the China Energy Strategy Seminar were held at the Yuanwanglou Hotel in Beijing, drawing attention to key developments in the field.
One of the two energy-related publications released on the same day was titled "Five Fingers Boxing: China’s Energy Strategy in Response to New Changes in the World," commonly referred to as the "Five-Finger Strategy." Based on an in-depth analysis of the current energy landscape, this work introduces a forward-thinking approach: implementing an energy strategy focused on conservation, green development, structural optimization, security, and reform before 2030.
The report highlights that the global energy situation is becoming increasingly complex. It identifies five major new characteristics in the energy landscape: turbulence in international energy markets, rising pressures in energy use and trade, bottlenecks in resource supply and environmental capacity, contradictions in energy management systems, and emerging breakthroughs in technology and production methods.
Over the years, Chinese authorities have placed significant emphasis on energy strategy research. In 2007, the White Paper on China's Energy Status and Policy outlined the core elements of the national energy strategy, including prioritizing energy conservation, relying on domestic development, diversifying energy sources, leveraging technological innovation, protecting the environment, and strengthening international cooperation to build a stable, economical, clean, and safe energy system.
The "China's Energy Policy (2012)" reaffirmed similar principles, emphasizing energy conservation, domestic development, diversified approaches, environmental protection, technological advancement, reform, international collaboration, and improving people's livelihoods. These became the foundational pillars of China’s energy policy.
Li Xiaoxi, a renowned economist and co-leader of the Five-Finger Strategy project, pointed out that while the six white papers from 2007 laid important groundwork, they lacked sufficient depth and generalization. To address the evolving energy challenges, the study built upon previous policies and introduced five sub-strategies: energy saving, green development, structural adjustment, security, and reform.
According to Li Xiaoxi, these five components are integrated into a cohesive framework known as the Five-Finger Strategy. Among them, the reform strategy serves as the institutional backbone, aiming to establish an efficient energy operation mechanism through improvements in the management system.
Reform is not just a part of the strategy—it is the key to its success. Wang Zhen, executive deputy director of the China University of Petroleum’s Energy Strategy Research Institute, even argues that reform should be the top priority in the Five-Finger Strategy.
Despite over three decades of reform, China’s energy system has moved away from centralized government control and administrative monopolies, gradually forming a more diverse structure with multiple players. However, the separation of government and enterprises remains incomplete, market structures are still uneven, pricing mechanisms are not fully mature, and regulatory oversight is often inadequate.
To advance energy marketization, the report emphasizes the need for top-level design. This includes aligning government functions, integrating market and government roles, promoting the separation of government and enterprises, removing policy burdens from state-owned enterprises, nurturing qualified market participants, and improving the overall energy governance system.
A critical area for reform is the power sector. Lin Weibin, deputy director of the Five-Finger Strategy project, suggests that electricity reform should serve as a starting point to drive broader marketization. He advocates accelerating direct power purchases by large users, building a competitive market model, reforming the electricity pricing mechanism, enhancing regulatory frameworks, deepening power company reforms, and improving investment management systems.
By focusing on these areas, China can move toward a more efficient, sustainable, and market-driven energy system.
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