Market news
08.10.2021, 08:20

China energy curbs could cut economic growth to 6% - Barclays

Bloomberg reports that according to Barclays Plc, China’s targets to decrease the energy-reliance of its economy means power-rationing will continue into next year, and if strictly enforced, could reduce economic growth in 2021 well below consensus forecasts to 6%.

China set a nationwide target of decreasing the “energy intensiveness” of its economy -- the amount of energy used per unit of GDP -- by 3% this year as it seeks to reduce pollution. Beijing warned in August that most provinces were not on track to meet the target, leading some to cut power use to energy-intensive sectors like aluminum and steel production. 

Beijing set an energy-production growth target of 2.9% for 2021, which implies a similar target for growth in energy consumption, the Barclays economists said. But energy consumption growth so far this year is above 4%, they estimate, meaning that full-year economic growth could slow to 6% if the energy consumption target is strictly enforced, they added.

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