The Chinese economy was surprisingly buoyant at the start of 2024: according to the Chinese National Bureau of Statistics, GDP grew by 1.6% in Q1 2024 compared to the previous quarter (after +1.2% in Q4 2023). This performance would appear to be based mainly on foreign trade: imports continued to decline, hampered by lacklustre domestic demand, whereas exports again increased strongly. This was especially applicable to vehicle sales, driven exclusively by foreign demand: over the first four months of the year, domestic sales increased less rapidly than total production compared with the same months in 2023 (6% and 8% respectively), whereas exports increased by 33% over the same period. However, this sector is subject to trade tensions: the European Commission is continuing its investigation into subsidies by the Chinese authorities while China has appealed to the World Trade Organization over US subsidies on electric vehicles...