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China's rapid development of new infrastructure is significantly driving power consumption, particularly in sectors like 5G, AI, and electric vehicles. The China Electricity Council reports that electricity consumption for internet data services has surged, with an annual growth rate of 28% from 2018 to 2023. This increase is largely attributed to the country's economic expansion and the modernization of industries such as steel and electronics.
The push for electric vehicles is also a major factor, leading to a substantial rise in electricity demand for charging infrastructure. The charging and battery swapping service industry has seen an impressive growth rate of 79.4% in the first half of the year. As China continues to innovate and expand its technological capabilities, the demand for energy is expected to grow steadily, reflecting the ongoing transformation of its economic landscape.
• Electricity consumption for internet services grew 28% annually from 2018 to 2023.
• Charging infrastructure for electric vehicles saw a 79.4% growth in power consumption.
The rapid deployment of 5G networks in China has significantly increased electricity consumption due to the high energy demands of these technologies.
The growth of AI technologies in China is a key driver of increased power consumption as industries adopt these innovations.
The surge in electric vehicle production and charging infrastructure in China has led to a significant rise in electricity demand.
The company's insights into the oil market highlight the impact of technological advancements on energy demand in China.
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