The government-backed China Association of Automobile Manufacturers has announced it expects annual sales of both passenger and commercial cars to increase by only 3%, down from an estimate if 7% in January, South China Morning Post reported. Vehicle sales grew by 1.4% to 11.85 million autos in the first half of the year. The association’s general secretary, Dong Yang, said the economic slowdown had dented consumers’ demand, though he placed some of the blame on the recent stock market chaos–as well as the rally before it. “It would be nicer if consumers spent their extra money on buying cars for their own use, rather than investing in stocks,” he said.
You must log in to post a comment.
Yes, I would like to receive emails from China Economic Review. (You can unsubscribe anytime)
Copyright © 2018 SinoMedia Group Limited All rights reserved