Although China has seen an unprecedented economic slowdown in the first half of 2013, demand in the Middle Kingdom’s commercial vehicle market is still solid.
According to a report published by the management of Wuhan’s Commercial Vehicle Show, the commercial vehicle segment is bucking the downward trend and “creating significant opportunities for international manufacturers and suppliers.”
Recent manufacturing data is supporting that optimistic verdict. Reportedly, China’s factory output grew at its fastest pace in 17 months and investment and consumption beat market forecasts – increasing confidence among investors that the world’s second-largest economy has halted a slide and is building some momentum again.
Factory output jumped 10.4 per cent in August year-over-year, beating expectations of 9.9 per cent and accelerating from 9.7 per cent in July, to post its biggest increase since March 2012, the National Bureau of Statistics said.
“Overall, the development in the Chinese economy is, just as we expected, moving towards a cyclical and temporary recovery. We are likely to see growth stabilising in the remaining two quarters and overall growth at 7.5 per cent,” Nordea Markets senior analyst Amy Zhuang told newswire Reuters.