As the Chinese economy re-orientates itself to a more consumption driven one, auto sales continue to growat a rapid clip. According to the China Association of Automobile Manufacturers (CAAM), China''s Marchvehicle sales rose 10.7% year-on-year (y-o-y), to hit 2,035,100 units and Q113 sales grew 13.2% y-o-y, to5,425,500 units. However, light vehicle inventories at dealerships are rising, suggesting to us that growthrates are likely to moderate slightly in the coming months. That said, Q113 performance is firmly on trackto meet our bullish full year forecast of 8.4%.As Chinese wages have continued rising over the years, China''s attractiveness as a manufacturing and
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