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In the past 40 years, China's power industry reform has made remarkable achievements, and it has explored a development path that is in line with national conditions. This paper sorts out its reform, summarizes the research results and prospects the future development. The study found that its reform has experienced three stages: startup, speed-up and exploration, that is, from backward capacity transformation to "plant and network separation" to electricity market trading. In recent years, the green card transaction and carbon trading have pushed their reforms into the critical period and linked to the global reduction of carbon emissions. The challenges of the power industry in the future will focus on transmission and distribution prices and crosssubsidy approval, power transaction type co-ordination, interregional imbalances and inter-provincial barriers. Keywords—power industry; reform and opening up; review

The Review on the 40 Years of Marketization Reform in China's Power Industry and Its Future Prospects