There are more good news coming out of the Eastern giant, this time via car sales. The country saw an impressive 48% jump in car sales last month, pushing many automakers including ailing General Motors and German company Volkwagen to produce more to meet demand. This showing definitely sends China to be the top market for autos.
A couple of factors are believed to be the root of this development. Two of them are the tax breaks and subsidies being given by the government and the big boost in lending is also seen as another. However, even for those without the government support, vehicle sales still saw a spike denoting an overall increase in demand for the market. The FT adds from a recent report:
China on Wednesday announced that new lending in the first half was Rmb7,400bn ($1,084bn), up 201 per cent year-on-year and equal to 150 per cent of full-year lending in 2008.
Read the whole story HERE.