Sales of automobiles are booming among the growing middle class of China. Car registration in Beijing has increased to 4.8 million from 2.8 million since 2005, with 700,000 new cars being registered in the last year along. General Motors sold more cars and trucks in China last year than it did in the United States.
This new boom has created massive traffic problems in China’s capital. The Chinese government now limits the number of new license plates in Beijing to 240,000 awarded annually through the lottery system. And, as a result of this, some conclude that China’s adoption of electric cars is three to five years away rather than 10 years away.
(Source:American Funds Newsline-03-2011)
