MNI China Press Digest July 17: Energy, State Council, Prices

Highlights from Chinese press reports on Thursday:

• China’s national daily power load reached 1.506 billion kilowatts on July 16, breaking above 1.5 billion for the first time, according to the National Energy Administration, citing higher-than-average temperatures and positive economic growth. Power load across the country remains high this week, marking a critical moment for ensuring energy supply, the administration said. In total, 16 provincial-level power grids, including Jiangsu, Zhejiang and Guangdong, have seen their power load break records 36 times so far this summer. (Source: Yicai)
• Authorities should remove unreasonable restrictions that constrain consumption, work to optimise the consumer goods trade-in scheme and increase diversified supply to match consumers’ needs, according to the State Council executive meeting, presided over by Premier Li Qiang on Wednesday. Authorities should address the irrational competition in the electric vehicle industry, including strengthening cost investigation, price monitoring and product consistency supervision. (Source: China Securities Journal)
• China’s milk tea and fruit juice industry has seen intensified price competition in recent weeks, driven by a new round of subsidies and promotional events from platform firms, with some merchants receiving as little as 31% of the retail price per order, Yicai.com reports. Insiders said orders have surged but profits have declined after the event began. On July 15, the Chamber of Commerce in Guizhou Province issued a document calling on takeaway platforms to stop involutional subsidies and unfair competition.