Wang Baoan, director of the National Bureau of Statistics, saw evidence of positive changes in the economic structural adjustment by analyzing indicators such as electricity consumption and railway freight volume.
Wang, who published his findings in an article in People’s Daily on Oct 8, said that deviations between economic growth and indexes such as electricity consumption and railway freight reflect positive changes in structural adjustment and progress in upgrading the transformation of the economy.
Wang pointed out that such deviations, occurring under the “new normal’’, reflect underlying changes.
Conducting an in-depth study of electricity consumption and railway freight volume from 1998 to 2014, Wang claimed that the changes in electricity consumption and railway freight volume are in accordance with economic growth, and the fact that the changes are greater than fluctuations from the GDP growth rate is in line with the inherent law of economic operations.
While attributing the slowdown in electricity consumption increase to the growth of the service industry, industrial restructuring and upgrading as well as the improved efficiency in energy use, Wang wrote in his article that the decline in railway freight volume was the result of diversification of transport modes and the improvement of regional distribution methods.