China’s power consumption picks up

Beijing, Nov 14 (IANS) China’s economy showed further signs of recovery after figures released Wednesday showed electricity consumption in the country picked up in October.

The country’s electricity consumption, a barometer of economic activities, increased 6.1 percent year-on year last month, accelerating from September’s 2.9-percent rise, the National Energy Administration (NEA) said.

Electricity for industrial use rose 5.9 percent year-on-year last month, up sharply from September’s 0.9-percent increase, reported Xinhua.

China’s electricity consumption climbed 4.9 percent in the first 10 months compared with the same period in 2011. The pace of increase was also higher than the 4.8-percent growth registered during the January-September period, the NEA said.

The power consumption figures come after other indicators, including industrial output, retail sales and fixed asset investment all showed recent signs of a revival.

China’s economy expanded 7.4 percent in the third quarter from one year earlier, its lowest rate in more than three years.

The Chinese government scaled down its growth target to 7.5 percent in March. It was the first time in eight years the country has targeted economic growth below 8 percent.

IANS 2012-11-14 13:00:19