China commissioned 21 gigawatts (GW) of new coal-fired power capacity in the first half of 2025, marking the highest six-month total since 2016 and the highest first-half total in a decade. This surge in coal power commissioning occurred alongside record growth in renewable energy capacity, including solar and wind, as China spent a record $625 billion on clean energy in 2024 and achieved its 2030 solar and wind capacity goals six years early. Despite the rapid expansion of renewables and increasing electric vehicle adoption reducing oil demand, coal remains a central part of China's energy mix, fueling record global coal demand and posing challenges to climate goals. Meanwhile, China's major oil and gas producers reported declines in profits for the first half of 2025. PetroChina posted a net profit of 84 billion yuan ($12 billion), down 5.4% year-over-year, affected by lower crude prices and stagnant domestic oil demand. CNOOC reported a 13% drop in net income to 69.5 billion yuan ($9.7 billion), despite record output, as weaker oil prices impacted earnings. In the banking sector, the Industrial and Commercial Bank of China (ICBC) saw a 1.4% decline in first-half net income to 168.10 billion yuan, Bank of China reported a 0.9% decrease to 117.59 billion yuan, China Construction Bank's net income fell 1.4% to 162.08 billion yuan, while Agricultural Bank of China recorded a 2.7% increase to 139.51 billion yuan.