Part 5/10:
Unprecedented measures have been instituted to tackle this deflation, including interest rate cuts and incentives for home buyers. However, given the government’s reluctance to resort to aggressive fiscal stimulus compared to previous financial crises, the potential for effective relief appears limited.
China's Global Dominance in Electric Vehicles
Despite these dire economic signals, one bright spot shines through: China’s flourishing electric vehicle industry. In 2024 alone, China produced over ten million electric vehicles—a remarkable feat, outpacing the combined output of the rest of the world. This milestone not only underscores China's commitment to innovation but also indicates a deliberate industrial shift away from traditional automotive manufacturing.