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Decline In GDP Growth The Increase In Electricity Consumption In The Whole Society
- Nov 21, 2017 -

The electricity consumption of the whole society is a barometer of the economic situation. In recent years, China's economic growth continued to slow down. Data show that China's first half GDP growth rate has dropped from 9.5% in 2011 to 6.7% this year. In contrast, the electricity consumption in the whole society fell by 12.19% from the first half of 2011 to 2.7% in the first half of this year.

 

In recent years, the growth rate of electricity consumption in various industries in China shows a downward trend overall.In the first half of 2011, electricity consumption in the first half of this year increased by 5.9% over the same period of last year, and then declined year by year, reaching a bottom of -4.6% in 2014. During the "12th Five-Year Plan" period, the growth rate of electricity consumption in the primary industry dropped, indicating that China's manufacturing raw materials procurement and the relative lack of motivation for household consumption. In 2015, the growth rate of electricity consumption in the primary industry started to increase. The electricity consumption of the primary industry in the first half of this year increased by 7.7% over the same period of last year, indicating that the procurement of raw materials and the resumption of household consumption in China's manufacturing started to recover.

 

As an important part of the electricity consumption of the whole society, the secondary industry once occupied nearly 70% of the electricity consumption of the whole society. As a mining industry, manufacturing power, electricity consumption structure of the secondary industry is also an important indicator of China's industrial structure. Comprehensive data show that during the "12th Five-Year Plan" period, the electricity consumption in the secondary industry of our country in the first half was almost "cliff-type" decline. Electricity consumption in the secondary industry in the first half of 2011 increased by 11.91% from a year earlier, compared with -0.5% in 2015. The electricity consumption of the secondary industry in 2015 was negative, which is the first time since China's reform and opening up. Electricity consumption in the secondary industry started to rebound in 2016, but an increase of only 0.5% over the same period of last year. The growth was sluggish.

 

A further analysis of the secondary industry found that during the 12th FYP period, the consumption of heavy industry and light industry in the first half of the year both showed a "cliff-like" decline, and the fluctuation range remained basically unchanged thereafter. Starting in 2015, the division of power consumption in heavy industry grew by -0.5% YoY in light of the year-on-year while that in light industry increased by 3.3% YoY in the first half of 2015, due to the strong pull of light industry.

 

In fact, the process of industrial restructuring in our country is accelerating, and pressure on capacity-building in traditional heavy industries is still evident. According to the National Bureau of Statistics, in the first half of 2016, the added value of the mining industry increased by only 0.1% while that of manufacturing increased by 6.9%. The growth of electricity, heat, gas and water production and supply also reached 2.6%. The year-on-year increases of high-tech industries and equipment manufacturing industry were 10.2% and 8.1% respectively. Obviously, China's manufacturing industry has become the main driver of GDP growth in the second quarter.

 

The tertiary industry in the first half of the performance of the most dazzling. Data show that during the "12th Five-Year Plan" period, the tertiary industry's electricity consumption is relatively the first and the secondary industry has the least fluctuation. In the first half of this year, the electricity consumption of the tertiary industry increased by 9.2% over the same period of last year, which proves to another extent that the tertiary industry has become an important driving force for stimulating China's economic growth.