China will speed up efforts to ensure its wind and solar power sectors can compete without subsidies and achieve "grid price parity" with traditional energy sources like coal, according to new draft guidelines issued by the energy regulator.

As it tries to ease its dependence on polluting fossil fuels, China has encouraged renewable manufacturers and developers to drive down costs through technological innovations and economies of scale.

The country aims to phase out power generation subsidies.

China's regions will make an extra push to provide technological and policy support to the renewable sector in order to ensure they can operate subsidy-free, according to recent draft guidelines issued by the National Energy Administration dated September 13.