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However, there are greater signs of economic recovery in March from the depths of Q4 2008 and most forward looking indicators suggest that Q2 2009 through Q4 2009 growth will accelerate relative to the dismal Q4 of 2008 and weak Q1 of 2009. In particular, economic data for China (including loan growth, the PMI, recovery in residential sales volume - if not prices, and public investment) do point to a stabilization or even slight improvement but we at RGE Monitor still see risks that Chinese growth will be well below the government target of 8% and even below the 6.5% level that the IMF and World Bank are predicting - a figure of 5-6% seems more likely.
Vehicle sales in China, the world's largest car market, climbed to a record in March, extending gains from the previous month, helped by government policy measures to bolster demand in both urban and rural areas. A total of 1.10m vehicles was sold last month, up from 1.06m in March 2008, which previously posted the highest monthly sales, data from the China Association of Automobile Manufacturers showed on Thursday.
A total of 1.10m vehicles was sold last month, up from 1.06m in March 2008, which previously posted the highest monthly sales, data from the China Association of Automobile Manufacturers showed on Thursday.
Senior Chinese officials on Friday outlined how they aimed to turn their country into the world's largest producer of electric cars, including a focus on consumer choice rather than corporate subsidies....Zhang Shaochun, a vice minister of finance, said that the government wanted to let the market determine which electric vehicle models would become popular. So while the government is providing some research subsidies, the main step will be to provide very large subsidies for buyers of electric cars -- already up to 60,000 yuan, or $8,800, for purchases by taxi fleets and local government agencies.
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