The Epoch Times: - The nationwide consumption of electricity has always been an important barometer for evaluating China’s economy—Li Keqiang, the vice premier, once said he looks at electricity usage rather than official statistics—and since the beginning of this year, things have not looked good: The rate of increase in electricity consumption has been falling, reaching a new low for the month of April.
The figures come along with news that employers in the power, steel, and communications industries are reducing their work forces and that a number of state-owned enterprises are imposing salary freezes.
In the latest indication of declining demand for power in China, coal inventories at the Port of Tianjin, the largest port in Northern China, are rising sharply. In particular, thermal coal stockpiles are now at record levels.
|Thermal coal inventory at Tianjin Port|