In the data published by National Bureau of Statistics, the country's energy supply and consumption are both seen to have increased in the first quarter of this year. Meanwhile, the rate of decrease in energy consumption in major enterprises is slowing down month by month.
Preliminary statistics show that China's Q1 gross energy supply (energy production plus net imports) reached 655 million tons of standard coal, growing 3.45 percent over last year, and the increase rate is up 1.65 percent compared with Q4 last year, in which energy production amounted to 585 million tons of standard coal and imports registered 69.8 million tons, respectively up 4.31 percent and down 3.28 percent, both year on year.
Additionally, during the first three months of 2009 China's gross energy consumption reached 664 million tons of standard coal, increasing 3.04 percent compared with last year, and up by 2.25 percent over Q4 of 2008.
Consumption of coal and electricity are both recovering whereas an accelerated drop has hit petroleum. In Q1, the entire country consumed approximately 649 million tons of coal, up by 2.69 percent, 781 billion KWh of electricity and 57.35 million tons of oil, or a decline of 4.02 percent and 6.35 percent, respectively.
Recovery is also seen from infrastructural business and major energy consuming industries, which either report consumption growth or a slowing pace of decrease. The upward trend in these industries has been steady over the past 4 months, growing by 2.34 percent on monthly average.
The drastic drop in industrial production has now halted. Though it's still too early to say that the economy bottomed out in Q1, it seems not too far from that point.
Meanwhile, compared with last quarter of 2008, many indexes such as Q1 increased bank loans are flagging economic recovery, while the rising PMI, accompanied by the robust rebound of A Shares, is an economic highlight amid international gloom.
For more information, please consult the Chinese coverage at:
http://news.xinhuanet.com/newscenter/2009-04/29/content_11276138.htm
(China.org.cn by Maverick Chen, April 29, 2009)
