China's power consumption grew at the fastest pace in August so far this year, bolstering confidence that the world's second largest economy is picking up.
Power consumption jumped 13.7% from year earlier to 510.3 billion kilowatt hours in August, the 4th consecutive month of year on year growth, according to the National Energy Administration (NEA). The growth rate was 8.8% in July.
In the first 8 months, power consumption was up 6.8% year on year to just over 3.5 trillion kilowatt hours, with the growth of the tertiary sector outstripping that of the primary and secondary sectors, the NEA said.
In the first 8 months, China's power generation capacity increased by 47.1 million kilowatts, including 20.92 million kilowatts in coal fired capacity and 16.05 million kilowatts in hydropower, the NEA said.
Although power consumption is what Chinese premier Li Keqiang touts as a leading indicator of economic soundness, the robust growth of power consumption in the summer was also due to the unusually hot weather, experts say.
Industry currently makes up 70% of China's power consumption, compared with 40% in developed economies. The steel, cement and petrochemical industries are responsible half of industry's total power consumption.
China's value added industrial output expanded 10.4% from a year earlier in August, beating most analyst forecasts of less than 10%, according to the National Bureau of Statistics.
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