Chinese Power Consumption Collapses: Economic Growth Slowest Since Early 2009

Tyler Durden's picture

Not much to add here. If there still is any confusion why China is desperately manipulating its economic data, so balatantly in fact that virtually everyone has now noticed, this chart should put all doubt to rest. According to CLSA's Chris Wood using NEA data, China's monthly power consumption (the most accurate proxy for underlying economic strength according to the current premier) growth slowed from 5.5% YoY in Jan-Feb 2013 to 1.9% YoY in March, the slowest growth rate since May 2009 (as discussed in-depth here).

And just to make CNBC's life easier, we will prespin this data: the lack of growth merely shows there is much pent up growth on the sidelines, even if the country is now injecting more debt to just maintain the flatline, than ever.

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Cognitive Dissonance's picture

My understanding is that even the Chinese power consumption figures are manipulated (upward I presume).

<Why would they not be since they are seen as such an excellent "tell" of what's really going on in China?>

Pladizow's picture

You cant spend on power, what you spend on gold!

TheFourthStooge-ing's picture

Perhaps a better metric to use would be the roadside nightsoil deposition rate per capita.

THE DORK OF CORK's picture

But who will burn the new cheap coal now that Euro policy is to run down its coal plants ?

kito's picture

they can follow the current u.s. calculations on gdp "growth".....the chinese can just "promise" to consume and all will be well.......................

THE DORK OF CORK's picture

The giant global Barbell economy with a nat gas weight in the west and coal in the east is imploding.

Coal (australian coal ?)  needs to come back to Europe especially.

williambanzai7's picture

Just thought I should mention that this Spring has been the coolest I can remember out here in the last ten years. And happily, my electric bills have been halved.

EhKnowKneeMass's picture

Dang it; you just uncorrapsed the corrapsed. That ain't corr, you know.

Straw Dog's picture

It's Global Warming, ask Al Gore, he'll explain it to you.

Rustysilver's picture


Same observation here in CT. I wonder how the midwest is doing with the planting?

paulbain's picture




Interesting. Can you give us your location, e.g., city & state?







THE DORK OF CORK's picture

The IEA energy policy advice has been a complete disaster................


Only now like a bunch of fucking weasels  - are they coming out and saying we made a mistake !!!!!!!!!!!!!!!,37375,en.html

Any Dork with a brain could have told them whats what years ago.


The IEA is run by a bunch of bankers who are only concerned with the profits from global wage arbitrage.

Doubleguns's picture

Its a chinese chart you have to read it from right to left. Its actually climbing. /s


Hope thats not racist. If it is tough shit.  

Byte Me's picture

That 1929 moment?

Quinvarius's picture

Just like US power consumption.  Hmmm.  I am seeing a pattern.  It is called global collapse.

Urban Redneck's picture

Printing your way to GDP growth is far more energy efficient and friendly for the environment.  The Chinese should be commended for following western best practices and for making the world a better place for all humanity to live and prosper.

-Ministry of Truth

firstdivision's picture

Same type of stuff happening here in the US on the demand side, but who cares, Teem Mom 3 is starting soon.

mattdubz86's picture

no POMO no problem

ThunderingTurd's picture

Does anyone have any comments on the roundtrip(s) in oil over the last couple of days?  Substantial selling at the open only to be bid up throughout the day.  Inquiring minds (read: shorts) want to know.

Rustysilver's picture

I guessing that Chinese are using the Honda portable generators that run on coal. Hence, skewness in data.

RougeUnderwriter's picture

Maybe they've all gone solar and stopped consumer power off the grid.  :-)

SmittyinLA's picture

Wow, I saw on TV last night they're (Chicomgovt) subsidizing electric cars by 50%, even a tiny number of cars uses a ton o juice,

Matt's picture

Looks like Zerohedge has gone to political speak.

Chinese Power Consumption Collapses: INCREASES 5%

that's like "Saving" money by increasing spending by less than previously planned. We "Cut" the deficit by only increasing the deficit half as much as previously expected. I increased my income by spending less.

Chinese Power Consumption Growth Goes Horizontal doesn't have quite the same level of sensationalism, I guess.

FinalCollapse's picture

In China the growth in electricity usage is bigger than the growth in GDP given their still exploding urban population. This means that their GDP is flat at the best...

venturen's picture

Which government is more of a blatant Liar...USA or CHINA?

Element's picture

Why do all sorts of macro indicators have this shape and trend over the same interval?

salimmk's picture

Just wait until they start Bitcoin mining. Power consumption might go up.

patb's picture

if the chinese are installing a lot of solar PV is that why growth for Electricity consumption is stalling?