State Grid, China’s largest utility company, is bracing itself for the rate of economic growth to fall to as low as 4 per cent over the next five years in the world’s second-largest economy, according to people familiar with its internal forecasts.
The state-owned monopoly, which generates and distributes most of China’s power, was known for its bold economic forecasts. But it is now more cautious after being caught off guard by slower-than-expected economic growth and government-ordered cuts in electricity prices in recent years.
Last year at least 10 of the company’s 27 regional operations reported a loss — a record number according to company insiders. As a result, the monopoly is slashing infrastructure spending.
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