When it comes to Chinese (or any other in these centrally-planned, fabricated days) economic data, there is GDP and then there is reality. And as the current premier of China himself has admitted, there is no more accurate indicator of real, not bullshit “growth”, than China’s monthly power consumption. It is here that another rather massive divergence from China’s official data (which has the world believe China GDP rose 7.5% in Q2) has appeared.
According to Economic Information Daily, power consumption in Shanghai and Jiangsu fell by more than 10% y/y in July, compared with double-digit growth a year ago, sources said. And it gets worse: other provinces, including Zhejiang, Anhui, Hubei, Hunan and Guizhou, reported a power consumption declines of up to 22 percentage points. One could almost say the Ukraine ministry of YouTube clips has been put in charge of China’s GDP calculation.
As Market News adds, the National Energy Administration said power consumption rose 3.0% y/y in July, down from June’s +5.9%, marking the lowest level of growth in 16 months.
Ouyang Changyu, a senior official with the China Electricity Council, said this indicates a weak industrial performance. Just in case it wasn’t clear of course. He forecast power consumption to rise 3% to 4% in the third quarter, versus +5.3% in the first half, and that the government will step up policy support for economy in the second half of the year.
Well this can’t be possible, China is the miracle country of endless growth. China like America is printing money. The only difference, is China is giving it to the people in the form of construction loans. So you have endless building of empty cities. America gives their money printing to the uber wealthy bank and hedge fund owners, and our central bank owners who are unknown as part of the deal of the now 100 year old federal reserve bank charter. However, it is quite telling that if you find some of the massive estate compounds in France which contain magical palaces filled with riches and art, well odds are pretty good its a banker who owns a piece of the federal reserve.
Wait a second, if America were in the recovery that our government tells us then surely OUR energy consumption is way up since the 2008 collapse. Right? Read em and weep….