China's Automobile market is growing exponentially. They have an untapped consumer base that is constantly growing as China is expected to surpass the United States in the next 10 years. While Sales of Automobiles is a good indicator, the growth of real-estate sector is what would drive growth because once people buy homes, they would start buying things to fill them up, triggering growth in other markets like consumer goods etc.
Even if this happens, this growth might not help the global economy much because most of goods required by the chinese households would be produced internally within China. Expecting China to replace US would be too optimistic.
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