Thursday, July 9, 2009
China Staying the Course
"BEIJING (Dow Jones)--China's auto sales in June rose at their fastest monthly rate so far in 2009, putting the country on track to overtake the U.S. as the world's biggest auto market this year.
China's auto sales last month jumped 36.5% from a year earlier to 1.14 million units, and sales in the first half rose 17.7% from a year earlier to 6.10 million units, the China Association of Automobile Manufacturers said in statement."
China's auto sales are accelerating, not just getting less negative, which is the state of affairs being celebrated as good news in the U.S. and other developed economies. 24/7 Wall Street has different, higher numbers over here but my fact checker is also in France so I'm not going to let that bother me.
A strange thing is happening here. Sheer math dictates that China will pass America as the biggest market for a lot of things at some point. It's also great cocktail party chatter but it's a little eerie that it is happening this year, right now.
The U.S. was never necessarily the center of the universe but in many or most things, it was the best vantage point when analyzing global demand. That sport gets more difficult as the balance of demand power shifts.
It's another beautiful day in Central NJ. I'm playing a one day member/guest at Springdale, the Princeton University golf course. The forecast is for 78 degrees and sunny. Beeeeautiful I tell ya.