Abstract: With further deepening of electricity reform, remarkable progress has been made in construction of China's electricity market. However, there are still multiple challenges, such as long-term coexistence of government-allocated and market-allocated electricity, insufficient and unbalanced development, clean and low-carbon transformation of energy, diversification of market participants and aggravation of interest contradictions, which need to be considered from market design and path planning as a whole. In this paper, the evolution path and models of China's electricity market construction and development are designed in two stages: the near-term and the medium-long-term. Key issues are studied including the connection between government-allocated and market-allocated electricity, the connection between provincial and inter-provincial markets, the connection between long-term and spot markets, the market mechanism to promote new energy consumption, the auxiliary services, the capacity market, and the price mechanism. Relevant measures and strategic suggestions are put forward for further deepening the construction of electricity market in China.

Key words: electricity market, construction path, power generation and utilization schedule, new energy, ancillary services, capacity market, price mechanism