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Car sales in China slowing down, says industry group

Staff Writer | February 13, 2017
China’s car sales growth slowed to 0.2 percent in January, the lowest since February 2016 as a rollback in tax cuts and the Lunar New Year holiday dampened sales.
China car sales
Auto industry   The China Association of Automobile Manufacturers
Car sales in the first month of the year increased to 2.52 million from 2.5 million vehicles in the same month last year, the China Association of Automobile Manufacturers (CAAM), a government-backed industry group, said.

The growth significantly slowed from a 9.5 percent increase in December and a 16.6 percent rise in November.

Passenger car sales in January dropped 1.1 percent to 2.22 million vehicles from the same period last year.

Last year, China’s car sales grew by 13.7 per cent to 28.03 million vehicles, the fastest growth pace in three years, buoyed mainly by the government’s purchase tax incentive.