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Chinese Auto Sales May Grow 5-8%
By Jin Jing |
November 25, 2011, Friday
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Print Edition
Print Edition
CHINA'S auto sales may grow 5-8 percent next year, the Ministry of Industry and Information Technology said yesterday.
Huang Libin, deputy director of the Operation, Monitoring and Coordination Bureau at the ministry, said the auto industry has entered a new period of adjustment after government incentives ended and a surging growth of 25 percent on average over the past 10 years came to a halt.
"But in the long term, China's industrialization and urbanization have kept fast pace and consumer consumption on housing and automobiles will continue to be vibrant," he said.
But Huang cautioned that vehicle demand will be curtailed if more cities adopt limits on car purchases.
In the first 10 months of this year, vehicle sales grew 3 percent to 15.2 million units. The China Association of Automobile Manufacturers earlier estimated full-year sales growth may be below 5 percent, a sharp drop from the 32-percent surge last year.
Huang Libin, deputy director of the Operation, Monitoring and Coordination Bureau at the ministry, said the auto industry has entered a new period of adjustment after government incentives ended and a surging growth of 25 percent on average over the past 10 years came to a halt.
"But in the long term, China's industrialization and urbanization have kept fast pace and consumer consumption on housing and automobiles will continue to be vibrant," he said.
But Huang cautioned that vehicle demand will be curtailed if more cities adopt limits on car purchases.
In the first 10 months of this year, vehicle sales grew 3 percent to 15.2 million units. The China Association of Automobile Manufacturers earlier estimated full-year sales growth may be below 5 percent, a sharp drop from the 32-percent surge last year.
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