China's economic recovery story has been a largely disappointing one, but the economic powerhouse is seeing stellar growth in one particular sector, said Standard Chartered's Bill Winters.
While China's recovery is still "a bit bumpy," the country is also building is a more resilient, sustainable and stronger economy, he said.
"Gradually decompressing the old economy sectors, and accelerating in the new economy sectors," Winters added.
China boasts the world's largest EV market with 5.9 million units sold in 2022, capturing 59% of EVs sold globally, according to research from Canalys.
Additionally, Counterpoint Research data showed that domestic brands make up 81% of the EV market — with BYD, Wuling, Chery, Changan and GAC among the top players.
Persons:
Bill Winters, CNBC's Emily Tan, Winters, EVs
Organizations:
Global Financial, Investment, Research, Chery, Changan, GAC
Locations:
China