Ye Lin, vice-president of commodity markets research at global consultancy Rystad Energy, said China's demand for major transportation fuels showed minimal growth in 2024, as the rapid shift toward electric vehicles reduced gasoline consumption.

　　The fall in crude oil imports last year was mostly due to weaker domestic gasoline and diesel demand as China imports crude oil mainly to process into transport fuels and chemical feed-stocks, she said.

　　As electric cars' improved performance and longer mileage are finally winning wide acceptance from customers, gasoline demand started to fall in 2024, she added.

　　At the same time, China's energy sector is undergoing a major transformation, as the country moves toward a greener, more sustainable energy model.

　　In 2024, renewable energy generation reached 3.2 trillion kWh, a 14.8 percent increase from the previous year. Renewables now dominate the power generation capacity, accounting for more than 43 percent of the global total, according to the NEA.

　　China has significantly advanced its energy sector decarbonization through major financial commitments to renewable technologies like wind, solar and hydrogen. These substantial investments in non-fossil energy now represent a third of such spending globally, establishing the country as a central figure in the worldwide shift toward green energy.

　　This energy transition has also been significantly fueled by the country's swift embrace of electric vehicles. Notably, in 2024, new energy passenger cars achieved a penetration rate exceeding 50 percent, surpassing gasoline-powered vehicles to become the leading category in the market.

　　China saw a substantial 31.4 million NEVs in use by the end of 2024, representing an ownership rate of 8.9 percent. This upward trend is forecast to persist into 2025, with projections indicating the number of NEVs on roads will surpass 40 million.