China auto sales growth slows further in July

China’s auto sales rose 14% year-on-year in July to 1.2 million units, down from 19.4% on-year growth in June, the Wall Street Journal reported, citing new figures from the China Association of Automobile Manufacturers. Month-on-month, sales were down 11.9% from June. The association said auto sales had grown 43% in the first seven months of the year to 10.3 million units. Sales figures last year were boosted by government incentives such as a reduction in the purchase tax on small-engined vehicles. To promote continued growth, Beijing said it plans to provide subsidies of up to US$443 for fuel-efficient cars.