Auto in­dus­try growth set to slow

China Daily (Canada) - - NEWS CAPSULE -

China’s au­to­mo­tive in­dus­try is shift­ing from su­per­fast ex­pan­sion to slow growth, af­ter the coun­try’s car mar­ket reached an im­mense scale in pro­duc­tion and sales vol­ume, the na­tion’s top in­dus­try reg­u­la­tor said.

“The re­cent slow ex­pan­sion in car sales was chiefly be­cause more than 29.4 mil­lion au­to­mo­biles were sold in China in 2017. It would be very dif­fi­cult to con­tinue ro­bust mo­men­tum on the ba­sis of such a big num­ber,” said Xin Guobin, vice-min­is­ter of in­dus­try and in­for­ma­tion tech­nol­ogy.

He made the com­ments af­ter the growth rate of China’s auto sales stood at 1.5 per­cent yearon-year in the first three quar­ters of 2018. The weak rate trig­gers ques­tions about whether China’s au­to­mo­tive in­dus­try is en­ter­ing a cold win­ter, de­spite the fact that more than 20 mil­lion cars were sold in the na­tion over that pe­riod.

In the first three quar­ters of this year, the pro­duc­tion and sales vol­ume of new en­ergy ve­hi­cles reached 735,000 and 721,000 in China, mark­ing a year-on-year in­crease of 73 per­cent and 81 per­cent, re­spec­tively.

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