China market rebound continues in June
By Jim Gibbins - 18th August 2023
China - As we report the news that the CV market in China rebounded in the first half of 2023 and the economy grew strongly, August 9, saw many leading newspapers around the world announce that the Chinese economy, the second largest in the world, had dipped into deflation. The commercial vehicle market in China continued to recover in June 2023, with sales rebounding by more than 26% to 355,000 units from weak year-earlier sales of 281,000 units, according to wholesale data released by the China Association of Automobile Manufacturers (CAAM).
GDP growth accelerated to 6.3% year-on-year in the second quarter, after growth of 4.5% in the first quarter, as the country’s economy continued to recover from a multi-decade low of 3.0% growth in the whole of last year. First-half GDP growth came in at 5.5%, with full-year growth 2023 forecast to exceed 5%.
