China's power consumption growth slowed in June

Power consumption growth in China slowed to 14% in June, down from a 21% in May, state media reported, citing the National Energy Administration. Total energy consumption in June came to 352 billion kilowatt-hours. Analysts attribute the declining growth rate to a broader economic slowdown affecting heavy industry. "The power numbers show a slight slowdown, primarily because of slower manufacturing in China," said Dave Dai, an analyst at the Daiwa Institute of Research. Goldman Sachs Group has reduced its 2010 growth forecast for the Chinese economy to 10.1% from 11.4%.