Chinese Electricity Consumption year-to-date grew at 1.3% year-over-year in June. As China People's Daily reports, this is the slowest pace for mid-year in 30 years according to China Electricity Council.
China Electricity Council released “A Brief on 2015 Jan.-Jun. Electricity Industry” on July 21, reporting a declined acceleration rate on power consumption of 1.3%- the lowest acceleration rate in 30 years.
According to the brief, the first half of 2015 sees a total electricity consumption of 2662.4 billion kWh all over China. Electricity supply relatively surpasses the demand, but the investment in electricity construction still increases.
The data varies in different areas. There are 19 provinces whose acceleration rates are above the 1.3% national average, and there are 9 provinces whose acceleration rates are below zero.
The data also varies in different industries. Electricity consumption in secondary industry decreases by 0.5%: the very first time to decrease in five years. Electricity consumption in light industry increases by 2.1%, while heavy industry decreases by 0.9%.
Electricity data has long been the barometer of economy. According to China Energy News, experts point out that the decreased acceleration rate is the indicator that China has entered a phase of slower economic development.
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While we know only a tin-foil-hat-wearing fringe blog would question the honesty of China's headline macro data, the weakest growth in Electricity consumption in 30 years does tend to suggest things are not as 'unicorns and ponies' as some would have the world believe.