According to a latest update from the US Energy Information Administration (EIA) For the third year in a row, China’s population declined in 2025 after decades of continuous growth, falling to 1.42 billion people. China’s economy is the world’s second-largest. Its gross domestic product (GDP) grew by 5.0% in 2024, in line with a government target of around 5% growth, however, growth estimates across sources vary and indicate that China’s GDP grew by 2% to 3%. Stimulus measures in the second half of the year as well as increased exports at the end of the year fostered growth.

Natural gas accounted for the largest increase in primary energy production (6.2%) in 2023 from the previous year, followed by nuclear (3.7%). However, natural gas had the second-largest increase in primary energy consumption (7.4%) after petroleum and other liquids (8.6%). Although coal accounted for the largest share of primary energy production, it grew the least year on year, at 1.3%. Coal still accounted for most (62%) of the energy consumed in China.

In 2024, non-fossil fuels accounted for 56% of total installed electricity generation capacity. Although most of the electricity generation (63%) came from fossil fuels, fossil fuels share of generation decreased by 1% from the previous year. China added 356 gigawatts (GW) of non-hydro renewable generation capacity in 2024. Of this, solar accounted for 277 GW, and wind accounted for 79 GW.

Electric vehicles (EVs) accounted for 48% of new vehicle sales in 2024 for the first time, which surpassed the country’s 2030 target of 40% by six years. Strong government support, a competitive market that has allowed more than half of EVs to be sold at lower prices than their internal combustion engine (ICE) competitors, and advancements in battery and smart vehicle technologies contributed to this milestone.

Petroleum and other liquids production increased by 73,000 barrels per day (b/d) in 2024 from the previous year, driven by Chinese government push for national oil companies to increase production and exploration. In 2024, petroleum and other liquids production reached a record high 5.3 million b/d, the fifth-highest in the world.

In 2024, crude oil and condensates production, which accounted for more than 79% of petroleum and other liquids production, increased another 51,000 b/d to over 4.2 million b/d. In 2024, China’s government held an estimated 290 million barrels in the strategic petroleum reserve. In mid-2024, Chinese government directed its national oil companies to add 59 million barrels to the reserves by March 2025.