As we have been examining in our Weekly China Reports since last year, the Chinese economy has continued to emerge from the pandemic with a stronger economy. Newly released December data has continued to confirm such strength. China's overall industrial production in December rose year-on-year by 7.3%, which marked the largest growth seen throughout 2020. New lending in December grew year-on-year by 11%, which has marked the strongest growth seen since September and has continued to signal post-coronavirus support. Also of note is crude steel production in December totaled 91.3 million tons, which has marked year-on-year growth of 8%. Chinese steel prices have remained near multi-year highs despite the strength in production.
Even more impressive in China has been the recent electricity production record that was set in December. China's overall electricity production totaled a record 727.7 billion kilowatt hours last month. This is 1% higher than the previous record that was set in August and is up year-on-year by 11%. As we have also continued to discuss in our special mid-week updates and weekly reports this year, China's overall electricity production has stayed at a record level so far this month (which remains very atypical for the winter). Domestic thermal coal prices also remain near all-time highs.
Noteworthy for the dry bulk shipping and seaborne coal markets is that China's domestic coal production also set a new record in December, but the growth in China's coal production has continued to pale in comparison to the growth in China's coal-derived electricity generation. China's coal production totaled a record 351.9 million tons last month, which has marked year-on-year growth of 6%. China's coal-derived electricity generation last month totaled a record 564.7 billion kilowatt hours, though, which is 11% higher than the previous record that was set in August and (as with overall electricity production) has marked year-on-year growth of 11%.
December has marked the second consecutive month where China's coal-derived electricity generation growth has exceeded coal production growth. This has remained very advantageous for the dry bulk shipping and seaborne coal markets. Overall, the industrial side of China's economy has continued to fare extremely well. As we have also examined in this week's Weekly China Report, China's consumer sector continues to turn a corner as well. China's equity market has also continued to find strength.