The Belt and Road initiatives will bring more solar energy to Asia and the world, benefiting China's photovoltaic industry, according to the head of China Photovoltaic Industry Association.

China has advantages in output, research and development of leading technology in the global photovoltaic market, Gao Jifan, the head of the association said on Saturday during the ongoing Boao Forum for Asia (BFA).[Special coverage]

According to Gao, the installation price for photovoltaic power stations dropped from a level of 20,000 yuan (3,218 U.S. dollars) per kilowatt five years ago to around 9,000 yuan now.

"Photovoltaic power stations are no longer a luxury. Developing countries will now be able to invest in this alternative power," Gao said.

The Belt and Road initiatives were established on the four principles of openness and cooperation; harmony and inclusiveness; market operation; and mutual benefits.

Policy coordination, connectivity, unimpeded trade, financial integration and people to people bonds are the five cooperation priorities of the initiatives.

Gao believes that these principles will help China's photovoltaic products to break into new markets.