Let’s look at the latest updates on China’s economy.
China Automakers Miss 2023 Sales Goals as Competition Intensifies
First, China’s auto industry wrapped last year’s sales with a troubling end.
Only a third of the country’s automakers reached their annual sales goals.
According to Bloomberg’s Friday report, the companies that missed their targets are coping with executive personnel changes and workforce trimming.
Noting the harsh effects of China’s post-pandemic recovery efforts on industry, analysts say the country’s rebound will remain a slow, tough process this year.
China & Europe’s Trade Spat Escalates as Beijing Targets French Brandy
Beijing is kicking off export probes, investigating a number of products sent to China from the European Union.
The anti-dumping investigations focus on EU liquors like brandy, a decision that sent stock prices plunging for a number of related French companies.
Reports say Beijing’s move is revenge for EU probes on Chinese-made electric vehicles.
France was a main supporter of EV regulation on China when the EU announced the decision last fall.
Large-Scale Salary Cuts
China’s economic spiral is draining its citizens’ wallets through large-scale salary cuts.
Insiders say the country’s military is also being impacted.