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It's coming first to the country's mammoth manufacturing industries: from aluminum smelters to textiles producers and soybean processing plants, factories are being ordered to curb activity or - in some instances - shut altogether. Almost half of China's 23 provinces missed energy intensity targets set by Beijing and are now under pressure to curb power use.
Yunnan Aluminum Co., a $9 billion producer of the metal used in everything from cars to soda cans, has curtailed output due to pressure from Beijing. The shock is also being felt in China's giant food sector. Soybean crushers, which process the crop into edible oils and animal feed, were ordered to shut this week in the city of Tianjin
Among the worst hit are Jiangsu, Zhejiang and Guangdong - a trio of industrial powerhouses that account for nearly a third of China's economy. With market attention now laser-focused on Evergrande and Beijing's unprecedented curbs on the property sector, another major supply-side shock may have been underestimated or even missed," Nomura Holding Inc analysts including Ting Lu warned in a note, predicting China's economy will shrink this quarter
But China's energy crisis is partially of its own making as President Xi Jinping tries to ensure blue skies at the Winter Olympics in Beijing next February and show the international community he's serious about de-carbonizing the economy