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Updated on : 9:05 am GMT | Wednesday 11th of September 2016 12
 
Issued By Business & Finance Group | Dubai Media City | Issue No.305
News Archive
G-20 finance officials begin global economy talks
Business & Finance Club Magazine - Global Forum – Finance officials from leading advanced and emerging countries began talks Thursday aimed at hammering out reforms to the global economic system to prevent debilitating crises such as the one that dragged the world to the verge of a depression in 2008.
New law to strengthen Pakistan's banks
Business & Finance Club Magazine - Global Forum- Pakistan introduced a new law to strengthen banks and ensure financial health of those in trouble.
China inflation rises as housing, food costs jump
Business & Finance Group - Global Forum - BEIJING: China's inflation accelerated in April, triggering a selloff in Chinese stocks Tuesday on fears of overheating and a possible credit clampdown by Beijing that might slow the country's economic recovery.
Toyota quarterly profit $1.2 bln as sales recover
Business & Finance Group - Global Forum - Tokyo: Toyota cruised back to profit in the latest quarter as the world's top carmaker cut costs and hitched a ride on the global auto sales recovery while fighting to salvage its reputation for quality.
How the Balkan countries ranked in the 2010 World Economic Forum Progress Study
Business & Finance Group - Global Forum - Balkans: World Economic Forum’s Lisbon Review 2010 released on Sunday, ahead of the upcoming World Economic Forum on Europe studies the progress made by EU Member countries in the far-reaching goals of the EU’s Lisbon Strategy of economic and structural reforms.
GM: We'll sell more in China than the U.S. soon

Chinese consumers bought more automobiles last year than Americans did for the first time. A top executive at General Motors thinks that it won't be long before it too will sell more cars in China than in its home market.

In fact, Tim Lee, GM's Shanghai-based president of international operations, said at the auto industry's key trade show Tuesday that this day could come sooner rather than later.

"We did very very well," Lee said about the company's sales in China in 2009. "We don't intend to stop with what we've done. We intend to grow."

GM sold about 1.83 million vehicles in China last year and 2.07 million cars and trucks in the U.S. But GM, already the leader in China with 13.4% of the market, is still gaining share. GM's market share was 11.3% in 2008.

By way of comparison, GM has steadily lost market share for several decades in the U.S., falling to 19.9% in 2009.

It would not be unique for GM to sell more cars outside of its home market. Japanese automakers Toyota Motor (TM) and Honda Motor (HMC) both have sold more vehicles in the United States than in Japan for years now. And while U.S. is still GM's single largest market, international sales have topped domestic sales for a number of years.

Even if sales rebound in the U.S. this year, China is still a far more dynamic market for GM to focus on for the long-term. A robust pace of economic growth is creating new drivers and helping to expand the network of roads every day. Then there's the fact that China's population is significantly greater than America's.

Detroit auto show: Small is big
Still, for GM to sell more in China than in the United States would be a startling development -- especially considering how far apart sales in the two countries stood only five years ago.

In 2004, GM sold fewer than 500,000 vehicles in China and 4.6 million in the U.S. While Lee wouldn't predict when GM's China sales would beat out sales in the U.S., he said there is a friendly race within the company to see which market winds up on top of GM's total sales.
 

 
 

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