The June-July issue of IBI magazine featured China’s key economic indicators including growth in the country’s luxury car sales market as barometers of boating potential. Below is a preview of China’s market data.
Despite slower growth in property and industrial sectors, demand for consumer goods in China particularly luxury products has remained robust due to strong income growth.
- Premium-car sales in China rose more than 30% last year and continued to surge through May this year, in keeping with the growing ranks of China’s millionaires.
- Imported cars are up 20% this year, compared to the same period in 2011. Top imports are BMW, Mercedes Benz and VW, followed by Audi and Lexus.
- After achieving average annual GDP growth of 10.5% over the last five years, China’s economy slowed to 9.2% in 2011 and slipped in the first quarter of 2012 to 8.1%.
- Recent economic data suggests the slowdown has continued through Q2 2012, but strong exports to the US, new bank lending, and strong car sales point to a more positive second half, with real GDP growth forecast to be 8.2% for the year.
- The government has been ramping up fiscal spending while the Central Bank announced two cuts in bank reserve requirements and 25-basis-point cut in interest rates to stimulate private consumption and lending.
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