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CAAM maintains auto sales outlook on recent boom
By Lu Nengneng |
July 26, 2012, Thursday
|
Online Edition
Online Edition
CHINA Association of Automobile Manufacturers maintained its growth forecast for China's auto market this year after the recent sales boosts offset a double-digit decline at the beginning of the year.
China is on pace to achieve its goal of selling 20 million cars annually, 8 percent up on last year, the Association said today at the inauguration ceremony of its market trade committee.
Deliveries of passenger cars, including multipurpose and sport utility vehicles, are expected to jump 11 percent to 16.1 million units while exports of vehicles are on the way to reach 1.1 million units by the year end 鈥 a 24 percent surge from a year earlier.
"With China's domestic demand rising to keep the economy on a stable upward track, the country's car market is now coming out of a trough," said Shi Jianhua, deputy secretary general of the Association.
Recovering from a 26.4 percent plunge in January, first-half sales rose 2.9 percent to 9.6 million units, led by growth in May and June paced at 16 percent and 9.9 percent respectively.
Pan Jiancheng, deputy director of the China Economic Monitoring and Analysis Center under the National Bureau of Statistics, said China's economy is likely to bottom out in the third quarter, paving way to the auto market's further advance.
But he said there is not much to be expected from its growth rate after a nine-fold increase within 10 years brought the annual sales to 18 million units in 2010.
"Such geometric growth is not sustainable," said Pan. "The super high growth trend won't repeat itself and we must now get used to the market cool-down."
China is on pace to achieve its goal of selling 20 million cars annually, 8 percent up on last year, the Association said today at the inauguration ceremony of its market trade committee.
Deliveries of passenger cars, including multipurpose and sport utility vehicles, are expected to jump 11 percent to 16.1 million units while exports of vehicles are on the way to reach 1.1 million units by the year end 鈥 a 24 percent surge from a year earlier.
"With China's domestic demand rising to keep the economy on a stable upward track, the country's car market is now coming out of a trough," said Shi Jianhua, deputy secretary general of the Association.
Recovering from a 26.4 percent plunge in January, first-half sales rose 2.9 percent to 9.6 million units, led by growth in May and June paced at 16 percent and 9.9 percent respectively.
Pan Jiancheng, deputy director of the China Economic Monitoring and Analysis Center under the National Bureau of Statistics, said China's economy is likely to bottom out in the third quarter, paving way to the auto market's further advance.
But he said there is not much to be expected from its growth rate after a nine-fold increase within 10 years brought the annual sales to 18 million units in 2010.
"Such geometric growth is not sustainable," said Pan. "The super high growth trend won't repeat itself and we must now get used to the market cool-down."
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