China's auto sales slow sharply in January

Updated 2017-02-14 10:31:52 Xinhua

The growth of auto sales in China slowed sharply in January, affected by holidays and reduced tax discounts, data from the China Association of Automobile Manufacturers (CAAM) showed Monday.

A total of 2.52 million vehicles were sold in January, up 0.2 percent year on year, compared with a 9.5-percent rise in December 2016, the CAAM said.

Total output dropped 3.9 percent year on year to 2.37 million, according to the CAAM.

It said the week-long Chinese Near Year holiday and reduced tax cuts on car purchases for 2017 had impacted production and sales.

In October 2015, the government slashed the purchase tax on small cars by half to 5 percent. The tax break was applicable to cars with engine displacement of 1.6 liters or less and was in effect between October 2015 and the end of 2016.

The tax rate will rise to 7.5 percent for 2017 and 10 percent in 2018, authorities announced in December.

China, the world's largest auto market, saw auto sales growth hit 26.1 percent in September last year, the highest in more than three years, before winding down in the following months.

In 2016, auto sales reached a record high of 28.03 million, up 13.7 percent year on year.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 23 2017 00:58:33

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 23 2017 00:58:33

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 23 2017 00:58:33

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords