China’s September industrial power generation falls 1.2% year on year to 829.4 TWh

The year-on-year decline in September stands out against the stronger cumulative figure, suggesting the monthly weakness is recent rather than a broad trend — a distinction that matters for anyone tracking Chinese electricity demand as a proxy for industrial activity and, by extension, the power-hungry data center and mining load that underpins much of the RWA and digital-asset narrative in the region. The NBS gives no sector breakdown here, so the driver behind the drop is unclear. Whether the September softening carries into the fourth quarter, or proves a one-month blip against the cumulative gain, is the open question.