An Overall Evaluation And Development Mode Analysis Of The Geothermal Industry In China

In the context of the new normal,the development of new energy industries and strategic emerging industries has attracted the attention of theorists and business community.To achieve industrial restructuring and transformation of the economic growth mode,the development and utilization of clean and renewable energy is crucial.According to the “13th Five-Year Plan for Geothermal Energy Development and Utilization” released in February 2017,a blue ocean industry with more than 100 billion yuan is taking shape.From the view of industrial life cycle,the geothermal resources industry is in its infancy stage and the industrial development model continues to be improved.This paper focuses on the causes,characteristics,distribution,and assessment methods of geothermal resources,and explores the dynamic and intrinsic mechanisms of the industrial development through the application of industrial development theories,financing theory,and other research results,thus reaches a grasp of effective models for four types of the geothermal industry’s development.The research achieved the following major achievements and understandings.1.Based on the overall analysis of the basic conditions of geothermal industry development,the development characteristics of China’s geothermal industry are summarized into several aspects: factor intensification,product non-standardization,high technology concentration,strong policy-driven,and large investment scale.The grey correlation analysis model is used to explore the related influencing factors of the development of geothermal industry and it is found that the impact of comprehensive capital cost investment is the highest.The thesis takes the resources transformation ability,capital operation level,technological innovation and social benefits as the basic indicators of research,and the results show that China’s geothermal industry is in the initial stage.Due to the low evaluation data,there are obvious current statuses such as insufficient resource conversion capacity and insufficient innovation capability.It belongs to the level of “general” and there is huge room for improvement.2.Based on the theory of industrial economics,the model for the development of China’s geothermal industry is summarized as four modes: factor-driven,policy-driven,investment-driven,and innovation-driven.The analysis of the tworegional characteristic geothermal projects “Xiongxian Model” and “Shaanzhou Model” is summarized as policy-driven and government-enterprise cooperation.The latter’s characteristics are summarized as technical orientation,market crackdown,and an integrated operations of construction,investment and management..3.Taking the financing method and geothermal industry development fund as the starting point,the practice of the system driven mode of geothermal industry development is discussed in detail.The study shows that the key to financing in the geothermal industry is to establish a scientific development strategy,form a targeted government-led,establish a well-developed industrial investment system,introduce and promote diversified financial instruments,and ample capital flow channels.4.The study on the geothermal industry development fund shows that the focus of the fund’s investment lies in the formulation of investment mechanisms,the determination of transaction prices,and risk aversion.Relying on the management practice of the Beijing-controlled geothermal industrial development fund,a case analysis method is used to discuss the specific application of the Industrial Development Fund in the geothermal industry development model.The inspiration value of the case lies in: the development of the geothermal industry development model needs to accurately grasp the policy opportunities,use the capital operation as a link,and exert the financing scale effect and effective industrial regulation.5.The study proposes the development of geothermal industry recommendations.The government-level countermeasures and suggestions include the proactive introduction of preferential policies,the establishment of an institutional safeguard system,the establishment of an industry public information service platform,and the strengthening of the talent team.Corporate-level countermeasures and suggestions include the implementation of a “people-oriented” talent strategy and the development of geothermal utilization technologies,innovation and continuous improvement of management levels.Financial institution-level countermeasures and suggestions include innovative business concepts,the development of green finance,and the provision of diversified financial products for the new energy industry.