While China’s overall recovery has been underwhelming, one unexpected sector is seeing tremendous growth – electric vehicles.
China now dominates the global EV market, selling nearly 6 million units in 2022. Domestic brands like BYD and Wuling make up over 80% of sales in the world’s largest EV market.
At the same time, China’s property market continues to struggle with falling consumer confidence and debt-ridden developers.
But the country is pivoting its economy toward emerging sectors like EVs while gradually decompressing old ones like real estate.
“China’s absolutely booming,” said Standard Chartered CEO Bill Winters about EVs and renewables.
So while the post-COVID rebound still faces hurdles, China’s surging EV sector provides a bright spot. And Winters believes the property market is nearing bottom.
The numbers reveal China’s strategic shift toward building a more sustainable, tech-driven economy. One analyst called it “accelerating in the new economy sectors.”
Clearly China won’t abandon traditional sectors overnight. But the EV boom hints at where its future growth may lie.
So look past the lackluster overall recovery. China’s EV surge shows how it’s trying to bounce back – by betting big on the economy of tomorrow.
