China may be diving head first into a power supply shock that could hit Asia’s largest economy hard just as the Evergrande crisis sends shockwaves through its financial system.

The crackdown on power consumption is being driven by rising demand for electricity and surging coal and gas prices, as well as strict targets from Beijing to cut emissions. It is coming first to the country’s mammoth manufacturing industries: from aluminium smelters to textile producers and soybean-processing plants, factories are being ordered to curb activity or – in some instances – shut altogether.

Bloomberg