This report below shouldn’t be surprising. All signs point to another leg up in China’s economy. If you purchased the recommended FXI, hold for big gains!
(U.S. News & World Report) ― The Washington Post reports, “Car ownership in China is exploding, and it’s not only cars but also sport-utility vehicles, pickup trucks and other gas-guzzling rides. Elsewhere in the world, the popularity of these vehicles has tumbled as the cost of oil has soared. But in China, the number of SUVs sold rose 43 percent in May compared with the previous year, and full-size sedans were up 15 percent. Indeed, China’s demand for gas is much of the reason for the dramatic run-up in global oil prices.”
Demand for oil in the U.S. has dropped dramatically in 2008, but worldwide oil demand continues to grow. In fact, “China alone accounts for about 40 percent of the world’s recent increase in demand for oil, burning through twice as much now as it did a decade ago,” the Post reports.
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