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Economic Watch: China's electricity use mirrors economic recovery

2022-8-3 9:51:25

China's electricity consumption, a key barometer of economic activity, has been rising in recent periods, indicating the continuous recovery of enterprises' production and economic operation.

The country's total power use increased 2.9 percent year on year in the January-June period to 4.1 trillion kilowatt-hours, according to the National Energy Administration.

In June alone, power consumption was recorded at 745.1 billion kilowatt-hours, an increase of 4.7 percent from a year ago. The growth rate was 6 percentage points higher than that in May when the country was hit by sporadic resurgences of COVID-19.

The recovery in the growth rate of electricity consumption in June reflected the positive effects of the current resumption of work and production, Wang Yixuan, an official with the China Electricity Council said.

The high-tech and equipment manufacturing industry showed the fastest growth rate in June, indicating the noticeable effect of the resumption of work and production in the industry.

In June, the electricity consumption of the industry rallied 3.6 percent, 4.9 percentage points faster than that of May.

Work resumption of the service sector also achieved good results, with the electricity consumption in the tertiary industry rebounding 10.1 percent year on year in June, 14.5 percentage points higher than that in May.

China's electricity consumption in the second half of the year was expected to increase by about 7 percent, and the growth rate will pick up significantly compared with the first half, according to the council.

The council suggested that relevant authorities ensure the balance between power supply and demand during peak power consumption periods, safeguard the stable supply of power fuels, and advance the high-quality transformation of electricity firms.

To bolster the economy, a meeting of the Political Bureau of the Communist Party of China Central Committee held last week urged efforts to consolidate the upward trend of economic recovery, maintain stability in employment and prices, keep the economy running within an appropriate range, and strive for the best possible outcome.

It, particularly, emphasized that macro policies should play an active role in expanding demand, and fiscal and monetary policies should effectively make up for the lack of social demand. 

(Source: Xinhua)

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