For an update on Chinese macro trends and their impact on energy demand, Earl Han (Head of Medley Advisors) brought together Brian Jackson (Medley's China analyst) and Jianan Sun (Energy Aspect's China analyst). While industrial output is stabilising, its composition is changing. Something "already clear in the first few months' data for the year is that we also have this compositional shift towards exports," says Brian. "You see that very clearly within one particular industrial sector, which is electronics and computers manufacturing ... That probably has energy implications because it perhaps is going to be less energy-intensive or use different types of inputs, for example, compared to something like cement, glass, steel, etc which are within the construction space".   

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