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Understanding the pathway of carbon emissions is an important basis for establishing a national climate strategy. In this paper, the change in China's economic carbon intensity since its accession to the World Trade Organization has been analyzed with a time series decomposition analysis method. Four phases with distinctive features are defined, and the significant fluctuations in China's economic carbon intensity after 2001 are explained in detail. From the phase-average perspective, the contributions of major factors to the economic carbon intensity change have evolved steadily, instead of through highly volatile change on a yearly basis, and the gradual changes have been caused mainly by the development of the industrial sectors. Induced by the new normal in economic development, the change of China's economic carbon intensity has entered a new phase driven by multiple factors with economic structural improvement being the most important contributor, as well as the continuingly, though decreasingly, important factor of energy efficiency.

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The energy-only-market implemented in China cannot strongly support largescale renewable energy expansion because the renewable energy expansion may disorderly phase out non-renewable power capacity. However, non-renewable power capacity, particularly the coal-fired power capacity in China, can provide vital power system adequacy needed by renewable energy expansion. We introduce capacity payments to orderly retire current coal-fired power capacity by transforming some of it into reserve capacity in order to support renewable energy expansion. Using generation and transmission expansion results from the SWITCH-China model, this paper proposes an orderly retirement path based on the assumption of implementing capacity payments. Our results show that roughly 100-200 gigawatts (GW) of coal-fired power capacity can continue to serve through 2050, and most of it is used as reserve capacity. Capacity payments of 400-700 billion yuan are needed to achieve this retirement path, and a higher adequacy requirement needs higher payments.Unfortunately, under China's current energy-only market, the large-scale expansion of renewable energy can force coal-fired power plants to disorderly retire and weaken system adequacy. Because the large-scale

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