China market recovery continues in March
By Will Pulson - 16th May 2023
China - Sales of new commercial vehicles in China continued to recover in March 2023, by over 17% to 434,000 units from 370,000 units in the same month of last year, according to wholesale data released by the China Association of Automobile Manufacturers (CAAM).
This is the second consecutive month of strong growth for the market, as the economy continued to recover from the central government’s zero-Covid policies over the last two years. Economic activity in the country picked up significantly in the first quarter, with GDP growing by 4.5% year-on-year from a multi-decade low of 3.0% in the whole of last year. Full-year growth is forecast to exceed 5% in 2023, with stronger output expected in the second half of the year.
