A Comprehensive Review of Market Framework of Renewable Electricity in China

China has embarked on a significant green revolution within its power sector following the announcement of its "3060" climate target in 2020. This transformative shift is guided by policies jointly released by the National Energy Administration (NEA) and the National Development and Reform Commission (NDRC), aiming to transition toward a net-zero-emission power system. As renewable capacity has expanded over the past decade, renewable energy now accounts for a substantial portion of China's power supply, surpassing coal-based generation in capacity. This paper provides an indepth review of China's renewable electricity market, encompassing subsidy policies, national market frameworks, and the development of pilot markets in the State Grid and Southern Power Grid regions. It explores critical issues within the evolving market structure and offers recommendations to further enhance its effectiveness. Key concerns include the valuation of renewable electricity, limited consumer participation, the underutilization of inter-provincial trades, and the consequences of prioritized clearance. By addressing these issues, China can advance its green energy transition and strengthen its position in the global fight against climate change.