China Economic Daily Brief Newsletter

China Economic Daily Brief – July 8, 2024

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Airbus Delivers 700th A320 from Tianjin

Airbus has delivered its 700th A320 family aircraft from its Tianjin assembly line to Chengdu Airlines. This milestone underscores the strong partnership between Airbus and China, with Airbus' market share in China exceeding 50% this year. The Tianjin Final Assembly Line Asia (FALA), operational since 2008, has been a model of successful China-Europe cooperation. With the second FALA project in Tianjin underway, Airbus aims to further expand its production capacity, highlighting China's crucial role in the global aviation industry.

Remote Mining and Smart Manufacturing Transform Industries

In Inner Mongolia and Shanxi Province, advanced technologies are revolutionizing traditional industries. Remote mining technology and intelligent equipment have improved efficiency, safety, and working conditions in coal mining and steel production. Operators can now control giant excavators remotely, reducing risks and increasing precision. In Shanxi, AI integration in coking plants has streamlined processes, reducing manpower and enhancing safety. These advancements are part of China's broader strategy to modernize traditional industries through technological upgrades and innovation.

Surge in China's Passenger Vehicle Exports

China exported 378,000 passenger vehicles in June, a 28% year-on-year increase, with exports to South America showing significant recovery. New energy vehicle (NEV) exports reached 80,000 units, up 12.3%. The China Passenger Car Association reports that retail sales of passenger cars in the first half of 2024 surpassed 9.84 million units, a 3.3% year-on-year increase. The association projects continued growth in car consumption driven by the popularity of NEVs and government incentives encouraging vehicle upgrades.

Record NEV Registrations in H1 2024

China saw a record 4.397 million new energy vehicle registrations in the first half of 2024, bringing the total to 24.72 million NEVs. Electric cars dominate the market, with 18.13 million in use. The total number of motor vehicles in China reached 440 million. This 39.41% year-on-year increase in NEV registrations reflects the growing adoption of cleaner energy vehicles. The surge is supported by government policies promoting sustainable transportation and consumer incentives for adopting new energy vehicles.

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