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China shifts towards services; energy consumption growth slows.

2015-09-29

A recent BP (British Petroleum) Global Energy Trends report shows that as China's economic focus gradually shifts from heavy industry to services, China's energy consumption growth rate in 2014 fell to its lowest point since the 1990s.

According to a report by the Financial Times on the 10th, a BP report pointed out that the low growth of energy-intensive industries has reduced China's energy consumption growth rate to 2.6%, a figure that is at least half of the average growth rate over the past 10 years.

In recent years, the Chinese central government has been working hard to shed the negative image of China as a "polluting country." In addition to promoting green manufacturing through "Made in China 2025," it will eliminate another 15 million tons of outdated steelmaking capacity this year and has also announced a comprehensive cleanup of "blacklisted" companies.

However, BP's chief economist, Spencer Dale, does not believe that China's declining energy demand has become the norm. He argues that, given China's economic slowdown and increasing pressure to maintain growth, China will find it difficult to shake off its dependence on petrochemical energy in the short term.

Sources:Environmental Information Center (2015-06-13)

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