The Slowdown in China’s Carbon Emissions Growth in the New Phase of Economic Development

China’s CO2 emissions have plateaued under its commitment to reaching peak carbon emissions before 2030 in order to mitigate global climate change. This commitment is aligned with China’s turn toward more sustainable development, named “the new normal” phase. This study aims to explore the role of possible socioeconomic drivers of China’s CO2 emission changes by using structural decomposition analysis (SDA) for 2002–2017. The results show deceleration of China’s annual emissions growth from 10% (2002–2012) to 0.3% (2012–2017), which is mainly caused by gains in energy efficiency, deceleration of economic growth, and changes in consumption patterns. Gains in energy efficiency are the most important determinants, offsetting the increase by 49% during 2012–2017. The recent moderation of emission growth is also attributed to China’s decelerating annual growth rate of gross domestic product (GDP) per capita from 12% (2002–2012) to 6% (2012–2017) and to the economic transformation to consumption-led patterns in the new normal phase.