LINE

Text:AAAPrint
Economy

China slowing auto sales drags down consumption growth

1
2019-04-02 14:36:54Xinhua Editor : Gu Liping ECNS App Download

Falling auto sales will continue to exert a considerable drag on the growth of the country's total retail sales in March, a report from Citic Securities said Tuesday.

Sales of passengers cars fell 19 percent year-on-year during the first three weeks of last month, according to data from the China Association of Automobile Manufacturers.

The report attributed auto sales decline partly to the expiration of favorable purchase tax policies. China restored car purchase tax to 10 percent at the beginning of last year after setting it at 7.5 percent in 2017 and 5 percent in 2015 and 2016.

The tax break had pulled demand forward as people made purchases before its expiration, said the report.

China sold 1.19 million passenger cars in February, falling for the ninth straight month.

The report expects China's consumer price index to rebound to around 2.1 percent in March and retail sales to increase by 8.4 percent from a year earlier.

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2019 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.