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Pirelli Gains In China As World’s No. 2 Economy Recovers From Pandemic

Pirelli, the Italian tire maker, is seeing year-on-year gains in its China business as the country’s economic recovery from the COVID-19 pandemic quickens, Asia-Pacific CEO Guiliano Menassi said in an interview.

Business in recent months has been “better than 2019” year on year, Menassi said on the sidelines of “Italian Design Icons,” a three-day event held in Shanghai through Sunday to promote the country’s designs in China.

The gathering of 15 brands attracted more than 3,000 visitors on Saturday alone, underscoring China’s economic resilience – at least for now – amid the pandemic. China’s GDP increased by 4.9% in the third quarter from a year ago. That’s better than a 6.8% decline in the first quarter and a 3.2% gain in the second quarter from a year ago.  Auto sales in the world’s second-largest economy have also been on the mend. Purchases rose by 12.5% from a year earlier in October to 2.6 million vehicles.