Vehicle sales continue decline in August
China’s vehicle sales fell by 3.8 percent in August to 2.1 million units from a year earlier, continuing the downward trend seen in July in the world’s largest vehicle market, said the China Association of Automobile Manufacturers on Sept 12. The fall in August came in the wake of a 4.02 percent fall in July and was the third so far this year, but the association is maintaining its estimate of 3 percent growth for the year. Total vehicle sales in the first eight months of the year stood at 18.1 million, up by 3.5 percent from the same period last year, according to the association. Xu Haidong, an assistant to the organization’s secretary-general, said the decline in the two months is the result of a combination of factors, including slower overall economic growth and stock market declines. China Huarong Asset Management Co Ltd has announced the withdrawal of its A share IPO application, citing a significant decline in financial performance in the first half and uncertainty surrounding disciplinary investigations relating to its former chairman. China Huarong, one of the mainland’s four largest State-owned asset management companies, made the announcement in a post on Hong Kong Exchanges and Clearing Ltd’s website on Sept 11. The company “recorded a prominent decrease in the interim results ... while the former chairman of the company is currently under disciplinary review and supervision investigations by relevant authorities. ... After careful studies and discussion with the professional parties involved in the A share offering ... the company decided to withdraw the application for the A share offering,” China Huarong said in a statement. China’s top financial regulatory body warned it may take measures to prevent unexpected major shocks in all financial sectors, as escalating SinoUS trade tensions may affect market sentiment, according to a statement released on the State Council’s website on Sept 10. A meeting of the Financial Stability Development Committee was chaired by Vice-Premier Liu He on Sept 7. It called for policy adjustments based on “new changes” to the external environment, as well as the domestic economic and financial situation. “But the magnitude of adjustment should be well managed,” said the statement.