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In the first half of the year, the economy will continue to decline in the economy.
The China Electricity Council released a report (No. 26) yesterday, highlighting that the growth rate of electricity consumption in the first half of this year was slightly lower compared to the same period last year. Industry experts suggest that this trend reflects ongoing downward pressure on the economy. According to the data, total electricity consumption for the entire society reached 250 billion kilowatt-hours in the first six months, marking a 5.1% year-on-year increase. However, this growth rate dropped by 0.4 percentage points from the previous year, continuing the weak recovery seen since the start of the year.
Ouyang Changyu, deputy secretary-general of the China Electricity Council, emphasized that electricity consumption is often considered a key indicator of economic health. He noted that while the economy is still growing steadily, there are clear signs of pressure. Lin Boqiang, director of the Energy Research Center at Xiamen University, pointed out that the 5.1% growth in electricity use is significantly lower than the GDP growth rate, indicating underlying issues in the real economy.
The report also highlighted specific trends in power consumption across different sectors. The tertiary industry saw a 9.3% increase in electricity use, contributing 0.46 percentage points to the total. Ouyang said this reflects continued strong growth, supported by policy measures. Meanwhile, the secondary industry experienced a 4.9% rise in electricity demand, which is below the national average and accounts for a smaller share of total consumption.
Notably, the growth in electricity use among high-energy-consuming industries lagged behind that of the broader industrial sector. This trend, according to Ouyang, is closely linked to China's structural adjustments and signals positive progress in economic transformation.
Looking ahead, the report forecasts a rebound in electricity consumption during the third quarter, driven by potential heatwaves during the summer peak season. It predicts that overall electricity use will grow by around 5.7% in the second half of the year, ensuring a balanced power supply nationwide.