This article from the Guardian makes it abundantly clear why China wants to move to renewables. It's not just that China is now the major source of CO2 emissions, which they know (they have no demented right-wing press to gainsay them, like we have in the West) will cause immense problems for China (drought, flood, rising seas levels: Shanghai is an average of just 4 metres above sea level) but also the air is filthy. The Chinese authorities mean business. Of course, the other huge advantage of renewables is that it provides energy security. Most of the top 10 solar panel and wind turbine manufacturers are Chinese.
Their plans to switch to renewables are real. And our excuse to do nothing about CO2 emissions ("Well, China's not doing anything, and they emit much more than we do") are now hollow. Coal is finished.
Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. These days I'm retired, and I can't by law give you advice. While I do make mistakes, I try hard to do my analysis thoroughly, and to make sure my data are correct (old habits die hard!) Also, don't ask me why I called it "Volewica". It's too late, now.
BTW, clicking on most charts will produce the original-sized, i.e., bigger version.