7% growth in electricity consumption means economic growth pure and simple.
Considering that this growth is coming during a major RE de-leveraging that should -- and in most countries, would -- create a recession then any package that could add debt and create imbalance is unnecessary at best and a dangerous retread of fiscally open policies at worse.
The West wants China to put money into short-term consumption spending as well as welfare to drive investment away from high tech and high value production chains. Arguing again and again about "overcapacity" in sectors that China needs.
Stimulus packages are suggested really as a "fix" connected directly to the falsehood about China's consumption being low. Low?! When they buy twice as many cars as the US and more than 60% of the world's EVs along with 45% of the world's ACs along with the biggest smartphones, TV and electronics markets (all multiples that of the 2nd largest markets.) China overconsumes already when we are looking at per capita income.
China does not need to divert resources to a stimulous package, it needs to continue to build out its high value production chain which to be honest is the best source of future income and welfare to the Chinese worker.
When the next bans, tariffs and embargoes come from the West and we know they will come then it is better to have the capacity in things like cars, aircraft (95% foreign), chips ($350B in imports) and all the other cutting edge technology in country and employing people.
