Here's another sign China's economy is slowing fast

Photo by ChinaFotoPress/Getty Images

While the National Bureau of Statistics reported that China’s economy grew by 7.0% in the year to June, beating expectations, another alternative growth indicator is not expanding anywhere near as quickly – electricity consumption.

The People’s Daily, citing a release by the China Electricity Council, reports that power consumption across China slowed to just 1.3% in the year to June, the slowest expansion recorded in the past 30 years.

The paper reports that 19 provinces recorded consumption rates above the 1.3% national average, while 9 recorded an overall year-on-year contraction.

Electricity consumption in secondary industry decreased by 0.5%, the first contraction recorded in five years, while that for heavy industry decreased by 0.9%. Perhaps reflective of China’s push into services, a sector that requires significantly less power consumption, power use across light industries increased by 2.1%.

Whatever the reason, the slowdown in power consumption will do little to deter the large swathes of China data sceptics.

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