1.College of Electrical Engineering, Zhejiang University,Hangzhou310027;China;2.Anhui Power Exchange Center Co., Ltd.,Hefei230061,Anhui

With the continuous expansion of renewable energy market in China, the pressure of government’s subsidy for renewable energy is gradually increasing due to the existing feed-in tariff (FIT). Currently, renewable portfolio standard (RPS) has become the targeted renewable energy incentive mechanism in China. Firstly, the implementation of two main types of renewable energy incentive policies are discussed, including government-subsidized type and market-oriented type, and the FIT and RPS which are involved in the transformation are compared. Secondly, the overall framework, core design elements and supporting measures of RPS are introduced， respectively. Then, according to the implementation and research analysis of RPS in various countries, the influences of RPS mechanism on the behavior of market participants and the overall performances of power market and green certificate market are summarized. Finally, the analysis shows that China should promote RPS mechanism stage by stage. The FIT-RPS double-track mechanism should be considered, with options on either FIT or RPS implemented for different types of power generation enterprises and various kinds of renewable energy sources. Meanwhile, China should take supporting measures such as penalty and carbon emission trading.