Cars driving the rebalancing of Chinese economy: IEA

11 December 2015 06:30 pm - 0 - {{hitsCtrl.values.hits}}

A A A

AFP - Chinese consumers are getting behind the wheel more, spurring a heady increase in petrol demand, a sign that consumer spending is helping the slowing Chinese powerhouse achieve a soft landing, the IEA said yesterday.
“Upending year-earlier forecasts that Chinese gasoline demand would struggle in 2015, confirmed data for the first ten months of the year show growth of roughly 10.4 percent year-on-year” the International Energy Agency said in its monthly oil report.

Rapidly expanding gasoline demand, in contrast to weak gasoil/fuel oil, adds to “the increasingly compelling argument that the Chinese economy is undergoing a structural transformation - shifting from heavy manufacturing/exports towards a more domestically-focused economy,” it added.
One of the key issues facing the global economy in recent years has been how to ensure a smooth transition of the world’s second largest economy from an export powerhouse towards a more balanced model with higher domestic consumption.

Chinese growth hit a 24-year low of 7.3 percent in 2014 and Chinese officials have indicated the trajectory is downward.
This is of concern worldwide as China has accounted for a major share of global growth in recent years, thus its slowdown could erase expansion elsewhere.
Even though the 3.3 percent increase in auto sales from January to November is much lower than the 6.1 percent gain during the same period in 2014, according to data released Thursday by the China Association of Automobile Manufacturers, that still means an additional 21.8 million vehicles have hit the nation’s roads
Beijing reacted quickly to slumping sales earlier this year, cutting vehicle purchase taxes, resulting in record sales in November.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Cars driving the rebalancing of Chinese economy: IEA

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Attempt to send 17 year-old-boy to London on forged documents foiled

“Ranil Ralla” : Will Wickremesinghe ride on a winning wave?

Sri Lanka face unusual dilemma

Controversy over foreigners issuing on-arrival visas at BIA

Sri Lanka now has highest visa costs in Asia: Tourism stakeholders

AstraZeneca admits for first time its COVID vaccine can cause rare side effect

MIRROR CRICKET

India’s Amul to sponsor Sri Lanka team for T20 World Cup

Shakib threatens to beat up fan over clicking selfie

BCCI breaks silence after Trinidad PM reveals terror threat to T20 World Cup, report says it’s from ISIS

Sri Lanka, Scotland gear up for big final that decides Women’s T20 World Cup groups

TODAY'S HEADLINES

Body of youth who went missing while visiting girlfriend found

Exclude Health Ministry from drug procurement to curb corruption: GMOF urges Govt.

Woman arrested with heroin valued at more than Rs.10 million

Shavendra advises Sri Lankan veterans to avoid mercenary service abroad

India’s Amul to sponsor Sri Lanka team for T20 World Cup

Shakib threatens to beat up fan over clicking selfie

BCCI breaks silence after Trinidad PM reveals terror threat to T20 World Cup, report says it’s from ISIS

Sri Lanka, Scotland gear up for big final that decides Women’s T20 World Cup groups