A Special Report on China and America: Tug-of-car  

Oleh:

The Economist

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 393 no. 8654 (Oct. 2009), page 6.
Topik: China; America; General Motors (GM); Car; Sales; Economic Growth

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.57 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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“SHANGHAI, Guangzhou, Changchun, Beijing, Wuhan, Chongqing: six cities with six dreams. But what they really all dream of is the same—Detroit.” So concluded an article on the rival centres of China’s fast-growing car industry published by one of China’s leading newspapers, 21st Century Business Herald. That was a long five years ago. Now Detroit dreams of China. Earlier this year, as the American government was buying 61% of General Motors and 8% of Chrysler to prevent them from collapsing, the two manufacturers’ sales in China were rocketing. Indeed, China’s car market was overtaking America’s in sales volume for the first time (see chart 2), several years earlier than analysts had predicted before the financial crisis. Plummeting demand in the West was to blame. GM’s sales in China in August more than doubled on a year earlier. For 2009 as a whole the company predicted a 40% rise. Sales of all car brands in China in August were about 90% up, helped by a cut in the purchase tax on smaller, more fuel-efficient cars. There is huge pent-up demand as a new middle class takes to the road. The Chinese government wants to emulate America’s rise to industrial glory by making the car industry a pillar of economic growth. This is a boon to foreign carmakers—not least American ones—which have formed joint ventures with Chinese state-owned companies to build their cars in China. The relentless growth of cities and huge government spending on expressways offer prospects for carmakers reminiscent of those in America in the mid-20th century.

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