China's EV Sector Thrives as Global Investors Embrace Policy Shift

Standard Chartered CEO, Bill Winters, stated that China's electric vehicle (EV) sector is booming amidst the country's economic recovery. With the world's largest EV market, China captured 59% of global EV sales in 2022. Winters highlighted the country's focus on decompressing old economy sectors and accelerating growth in new economy sectors like sustainability and renewable power technology. While China's property market faces challenges, Standard Chartered has been reducing exposure to the troubled sector. Winters emphasized the importance of China, along with other markets like India, UAE, South Korea, Singapore, and Hong Kong, where the bank's offshore business is experiencing significant growth.