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Bill Newman, executive industry advisor at SAP North America, joins Yahoo Finance Live with automotive journalist Pras Subramanian to discuss the state of the EV market, locally and in China, through 2024.
Newman gives context to China’s ability to expand with its existing electrical grid system and also explains competition entering the US.
“I think you’re also seeing some, not just in China, but you’re also seeing some corporations in the Asia-Pacific region — VinFast (VFS) is one of them — taking advantage of some of the investment in IRAs and some of the opportunities in the infrastructure bill are available to offset some of their expansion into the world’s largest market. right here in the U. S. “We are not going to be able to find a solution to the U. S. and North America,” Newman said. Two very different markets, two very different energy frameworks and two very different trade policies. “”.
BEIJING, Dec 31 (Reuters) – President Xi Jinping said on Sunday China will consolidate the positive trend of its economic recovery in 2024 and help its long-term economic progression through deeper reforms.
In a televised New Year’s address, Xi said China would deepen reforms to boost confidence in the economy.
Xi said China will “consolidate the positive trend of economic recovery and achieve sound and long-term economic development,” Xi said.
“We want to comprehensively deepen reform and opening-up, increase confidence in development, economic vitality, and redouble efforts to promote education, promote science and technology, and tame talent. “
Xi expressed concern about the difficulties faced by the operations of some enterprises and the difficulties faced by other people in terms of employment and daily life, as well as the effect of natural errors such as floods and earthquakes in some regions.
China will promote progress and balance progress and security in a well-coordinated manner, Xi added.
The government has in recent months announced a series of measures to shore up China’s feeble post-pandemic economic recovery, which is being held back by a property slump, local government debt risks and slow global growth.
Analysts expect China’s economic expansion to reach the official target of around 5% this year, and Beijing is expected to hit the same target next year.
Earlier this month, China’s most sensible leaders met and laid out their economic plans for 2024, pledging to take more steps for recovery. The central bank has pledged to push for policy changes in the economy and announce a rebound in prices, amid symptoms of emerging deflationary pressures. (Reporting by Yelin Mo and Kevin Yao; editing by Alison Williams and Hugh Lawson)