China is giving the market what it wants: more government support
China’s National Development and Reform Commission is circulating a proposal for auto and consumer goods stimulus.
It seems like somebody in Beijing thinks China’s economy isn’t as good as it looks. Recent economic data suggests China was on the mend. Only the perennial China bears itching for a hard landing thought that was hogwash.Ting Lu, chief China economist for Nomura Securities in Hong Kong:"Sales of auto and home appliances will benefit from the stimulus in 2019 and 2020.
The 2015 stimulus for auto sales lasted almost two years, ending around 2017. Two years later, China is at it again. The country has literally dozens of auto manufacturers and needs to consolidate. Instead, stimulus will keep many of these carmakers afloat. Stimulus for the auto sector, if it happens, will help support many suppliers to the industry. But it will also keep weak auto brands from going under. Car sales in China, the world's largest market for auto sales, have been in decline consistently since the end of the last automotive stimulus package in 2017. According to the China Passenger Car Association , growth of passenger car sales dropped 11.7% in March after dropping 9.
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