Stable and Positive: China says economic momentum strong and healthy

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02:01

Despite some calls of a moderating Chinese economy, a raft of data point to a different picture. From electricity usage to the volume of freight shipped, the numbers show China's economy remaining resilient as well as stable.

China's official data says the country used 10 percent more electricity in the first five months of 2018 versus a year ago. That's up 3.4 percentage points on an annual basis.

The industrial sector consumed 8 percent more electricity in the same period, the biggest jump since 2013. China also says emerging industries such as tech and IT have also seen rapid growth of power usage.

YE CHUN, DEPUTY DIRECTOR CHINA ELECTRICITY COUNCIL "Power usage is a barometer of economic activity. The auto, computer, telecom and electric sectors all used above 10 percent more electricity in the first five months compared to a year ago. This signals that industrial upgrading is effective and working."

China says the increased use of electricity points to a robust economy. There are a host of other indicators which also highlight solid economic fundamentals. Official data shows that the demand for gasoline and jet fuel grew 6 percent and 11 percent respectively between January and May on a yearly basis, suggesting strong business activity.

Volume of freight, another key gauge for business and trade, surged 7 percent in the same period, faster than its first quarter growth.

ZHAO CHENXIN, DIRECTOR NATIONAL DEV'T & REFORM COMMISSION "All economic indicators so far this year have shown that China's economy continues to display resilience and stability."

What's more, China says industrial value-add for the first five months grew 7 percent on the year, up a fifth of a percentage point. Officials say that's a sign that China has truly moved up the value chain of advanced manufacturing.

Consumption remains a strong contributor to economic growth. Total retail sales surged 9.5 percent in the first five months from a year ago with higher demand for better quality, higher value-added products and services.