Auto Sales Up in China By 19.5 Percent
Auto sales reports have confirmed that China got 19.5 percent growth in the first two months of this year. This is a very positive sign as far as the economic growth is concerned.
A total of 2.8 million cars have been sold in China during the month of January and February. This report was confirmed by the China Association of Automobile Manufacturers on Monday.
On the other hand total sales of trucks and buses got a growth of 14.7 percent. Around 3.4 million units were sold in the first two months of this year.
''We expect cyclical recovery in the Chinese economy to continue in 2013,'' said JP Morgan economist Haibin Zhu in a report. ''The gradual improvement in the macro environment would likely support some moderate growth in auto sales during the year.''
Automakers from all over the globe are now targeting the Chinese markets to sell their products as it has the largest customer base among all the countries. The Chinese government is also aiming at increasing the sales small sized fuel efficient vehicles.
They government has forecasted that the vehicle sales should reach 20.8 million units from 19.3 million units as sold in the last year.