China faces energy crisis, factories shut down

China, the world’s second-largest economy, has been hit by a major energy crisis, with load shedding plunging many areas into darkness, with more than 90 per cent of petrol pumps in the UK empty and a gas shortage in Germany.

Due to the current situation, factories in China are closed and millions of homes are in darkness, in view of which China has reduced its economic growth target from 5.1 percent to 4.7 percent.

Factories in Beijing and western Shanghai have suspended production, and in some areas traffic lights and 3G mobile phone coverage have been cut off.

Global markets are already in jeopardy due to the possible collapse of China’s largest group of real estate developers, and the group has gone bankrupt. As far as manufacturers are concerned, they are already facing shortage of processor chips and shipping barriers.

On the other hand, European countries are also suffering from energy crisis.

Ninety per cent of petrol pumps in the UK are empty and there is a shortage of gas. Demand and supply are not being met due to shortage of drivers. Gas is also scarce in Germany. Russia blames Europe for gas shortages


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