FX.co ★ China boosts coal and gas output

Chinese miners are actively ramping up production. Despite the local isolation, China's coal output jumped by 15% in March.

The Chinese authorities called on local producers to ensure the country's energy security and guarantee an uninterrupted supply of natural resources. As a result, coal production surged by 15% year-on-year to 396 million tonnes. The gas and oil industry also performed well. Natural gas production grew by 6.3% to a record 19.7 billion cubic meters, while crude oil output rose by 3.9% to 17.71 million tonnes, the highest level since December 2015. The high rate of production has resulted in processing problems. The industry is currently unable to cope with the increase in output volumes, as there is a lack of capacity and labor due to the lockdown.

According to official data, China's GDP climbed by 4.8% in the first quarter of this year. The authorities expect the country's economy to expand by 5.5% this year. Notably, China's gross domestic product (GDP) rose by 8.1% last year, the largest jump in ten years.