Years of innovation have transformed the economics of clean energy and other clean technologies in China, where it is now cheaper to decarbonize the grid than to continue relying on fossil fuels. This paper examines the latest data and research on global technological progress and market trends to show that China’s carbon neutral opportunity can drive economic growth, a lower-cost electricity system, energy security, cleaner air and water, and sustainable cities. China can accelerate clean energy and domestic environmental priorities while galvanizing international action, but successful decarbonization hinges on effective policies including a well-designed price on carbon, clean energy standards, and green finance.