This report was prepared by

Gareth Davies and Christian Romig, John McShane and John Perkins, AFRY Management Consulting and

ZHAO Yongqiang, LIU Jian and HAN Xue, Energy Research Institute of National Reform and Development Commission

LEGAL DISCLAIMER

The information and views set out in this report are those of the author(s) and do not necessarily reflect the official opinion of the European Union, or ECECP. Neither the European Union nor ECECP can guarantee the accuracy of the data included in this study. Neither the European Union, ECECP nor any person acting on their behalf may be held responsible for the use, which may be made of the information contained therein.

© 2020 European Union. All rights reserved.

English editing: Helen Farrell, Chinese editing: CHI Jieqiao