Both retail sales and car sales were down in China during the month of November. Retail sales dropped 20.8 percent down from 22 percent, which is less of a drop than predicted. Car sales dropped 14.6 percent when compared November 2007, which was a bigger drop than expected.
The Chinese minister of industry has described the drop in car sales as “a serious problem.” The government has already passed an investment plan to kick-start the economy, but the minister is calling for subsided loans for the industrial sector. The Chinese economy is still expected to grow at 8 percent this year, despite the global economic crisis. China is still growing at a fast pace while most western countries are in recession.
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