China has extended power restrictions to at least 20 provinces and regions as it struggles to cope with the power shortage in its north-eastern region. The areas affected by the most recent restrictions together account for more than 66% of the country’s gross domestic product. The power cuts are reportedly causing power supply discrepancies, with the situation expected to further inflate global supply chains.
Power Technology 29th Sept 2021 read more »
Goldman Sachs has slashed its growth forecasts for China as the world’s second largest economy struggles with energy shortages. The Wall Street investment bank cuts its GDP growth forecast for this year to 7.8 per cent from 8.2 per cent, after similar downgrades by Nomura, the Japanese bank, and Fitch and Standard & Poor’s, the rating agencies. A shortage of coal has caused power outages that halted production at factories, while a commitment to reduce emissions to meet environmental goals threatens to impose more constraints on energy consumption at a time when demand is soaring.
Times 30th Sept 2021 read more »