Off the wire
• Senator calls for crocodile culling program in Australia  • Economic Watch: Chinese economy shows signs of firming, pressure remains  • China treasury bond futures close higher Tuesday  • China Hushen 300 index futures close mixed Tuesday  • Chinese shares close higher Tuesday  • Gunmen abduct two Turkish nationals in Nigeria: police  • 2nd LD-Writethru: Premier Li grants appointment certificate to incoming HKSAR chief executive  • Singapore seizes 322 cartons of duty-unpaid cigarettes  • Tibetan medicine sees rising output in 2016  • Strong exports, imports drive Philippine trade growth in February  
You are here: 　 Home

China's passenger vehicles sales fall in Q1

Xinhua, April 11, 2017 Adjust font size:

China's passenger vehicles sales fell in the first quarter of the year, industrial data showed Tuesday.

A total of 5.56 million passenger vehicles were sold in the first three months of 2017, down 1.7 percent year on year, according to the China Passenger Car Association (CPCA).

Passenger vehicles sales only grew 1.6 percent year on year in March. Cars and multi-purpose vehicles reported drops in sales while sports utility vehicles grew 18.4 percent year on year.

The association attributed the fall to the early Spring Festival holiday, the effects of less preferential car purchase policies, sharp sales fall of ROK-made cars and sluggish consumption.

China has had the world's largest car market for eight consecutive years. About 28 million cars were sold in China in 2016, up 13.7 percent year on year thanks to preferential purchase policies and other government measures, according to the Ministry of Commerce (MOC).

Last December, the Ministry of Finance continued its preferential car purchase taxation policy but reduced tax cuts for 2017.

Growth in auto sales in 2017 could slow to an annual 2 to 6 percent, according to the MOC. Endi