Chi­nese auto sales ac­cel­er­ate

The Myanmar Times - - International Business -

AUTO sales in China, the world’s big­gest car mar­ket and cru­cial to man­u­fac­tur­ers, grew at their fastest rate in three years in Septem­ber.

Sales reached 2.56 mil­lion units last month, up 26.1 per­cent year-onyear, the China As­so­ci­a­tion of Au­to­mo­bile Man­u­fac­tur­ers (CAAM) said.

That was even faster than Au­gust’s 24.2pc rise to 2.07 mil­lion units.

Auto sales have ac­cel­er­ated for the past five months in China as the econ­omy shows signs of sta­bil­is­ing.

“Pro­duc­tion and sales have both grown quickly,” the group said.

Sales of pas­sen­ger ve­hi­cles had grown fastest, it added, giv­ing the seg­ment a 4pc larger share of the mar­ket than the same pe­riod last year.

The gov­ern­ment slashed the pur­chase tax on pas­sen­ger cars with small en­gines last Oc­to­ber. The tax break is due to end in a few months.

An of­fi­cial mea­sure of man­u­fac­tur­ing ac­tiv­ity main­tained the strong­est level in nearly two years last month while China’s pro­ducer prices fell at their slow­est rate for more than four years in Au­gust, the most re­cent fig­ures avail­able.

China’s big­gest car­maker Shang­hai Auto In­dus­try Cor­po­ra­tion (SAIC) has re­ported a rise in net profit of more than 6pc in the first half of this year on stronger sales. –

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