Korean media: China becomes the world's first "power kingdom," and the prediction from five years ago has become a reality!
On March 12, the Korean media "Korea Economic Daily" published an article stating, "China will become a power kingdom, not an oil kingdom." The UK's "The Economist" predicted this in a special article titled "Power in the 21st Century" in 2020. Five years later, this prediction has become a reality. Last year, China became the world's first "power kingdom," with electricity consumption accounting for more than 30% of final energy consumption.
Everything started with energy security. Due to high dependence on fossil fuels, people were worried that once the Malacca Strait closed, industrial operations would come to a halt, and this concern became the cornerstone of the "power kingdom" strategy. China further viewed electrification as an opportunity for industrial structure adjustment and economic growth. China is not only a major consumer of domestic electricity but has also become a "producer" supplying electric technologies such as electric vehicles, batteries, solar power, power semiconductors, and heat pumps to the global market.
This strategy has been successful. In most areas, including electric vehicles, China's market share exceeds 50% globally. In 2024, the share of clean energy technology in China's gross domestic product (GDP) exceeded 10%, with a growth contribution rate of 26%. The Center for Research on Energy and Air Quality (CREA) estimates that without the clean technology sector, China's growth rate in 2024 would have been only 3.6% instead of 5%.
The Carnegie Endowment for International Peace recently pointed out that China is not a "consumer-type power country" with high energy consumption but a "producer-type power country" providing electrification technologies to the world. In South Korea, electricity accounts for about 22% of energy consumption, similar to the level in the United States. Although South Korea is moving toward a consumer-type power country, its role as a producer is minimal. In 2024, South Korea's green industry orders and export performance reached 22.7 trillion won, less than 1% of GDP.
In the post-oil era, South Korea urgently needs to promote electrification technology and establish a supply chain to lead industrial development. Professor Yoo Seung-hoon from the Department of Future Energy Convergence at Seoul National University stated, "South Korea has strong manufacturing capabilities and is an ideal place to become a power kingdom oriented towards production."
Original article: toutiao.com/article/1859456646691163/
Statement: This article represents the views of the author.