March 10, 2019 / 4:45 AM / 12 days ago

China's State Grid promises further power price reductions

BEIJING, March 10 (Reuters) - China’s state-owned State Grid Corp promised further power price reductions for industrial and business users to support the economy, the company said on Friday.

The state-backed company said in a statement on its website that it plans to offer a 10 percent price reduction in the average electricity price.

State Grid will start the price cut in 2019, state news agency Xinhua reported on Friday.

Factory activity in China contracted to a three-year low in February as export orders fell at the fastest pace since the global financial crisis, highlighting deepening cracks in an economy facing weak demand at home and abroad.

China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at its weakest in almost 30 years due to softer domestic demand and a trade war with the United States.

Reporting by Ryan Woo, Yilei Sun and Norihiko Shirouzu; editing by Christian Schmollinger

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