New types of power storage will be of great importance to high-quality development in the manufacturing sector as China demands more flexible adjustment power capacity, according to a deputy to the 14th National People's Congress.

According to the country's energy outline during the 14th Five -Year Plan (2021-25), China's total installed power capacity will reach 3 billion kilowatts in 2025, with the flexible power supply reaching 720 million kW.

"Currently, the country's flexible adjustment power capacity is only about 50 million kW, which is far from the target," said Zhong Zheng, also vice president and chief finance officer with Midea Group, a Chinese home appliance maker based in Foshan, Guangdong province.

Compared with traditional water pumped-storage energy, new types of power storage have developed unique advantages such as improved regulation performance, fast construction, and exemption from geographical restrictions, Zhong said.

"However, the new types of energy storage are still in the early stage of commercialization and face problems such as lower rates of utilization."

The most recent data from the National Energy Administration showed at the end of 2022 the installed capacity of new energy storage projects had reached 8.7 million kW, with an average energy storage time of about 2.1 hours, an increase of over 110 percent from the end of 2021.

"The electricity charge of new energy storage should enjoy the same policy as that of water pumped-power storage to promote more new types of energy storage and ensure profits for investors," she said.

Zhong also suggested government departments strengthen regulations in terms of the development of lithium resources, as such resources are in high demand.

As of the end of 2022, the proportion of lithium-ion battery energy storage in newly installed capacity of new energy storage was 94.5 percent, according to the NEA.