Chinese auto sales may still grow by 10% this year

Shanghai, October 27 (Gasgoo.com) China’s State Information Center forecasts the country’s auto output and sales will grow by 10% this year despite auto market declines in other countries, said National Business Daily yesterday, citing sources.

Data collected by China Trading Center for Automobile Import (CTCAI) showed that American auto sales fell by 12.8% year on year from January to September, posting a consecutive drop since last year. The European market saw 8 major brands drop by 3.9% in the first eight months, much larger than last year’s 0.9% declines. It is a phenomenon if China’s auto market can maintain a growth rate by 10% this year amid a global auto market downturn.

Zhang Yi, a senior industry analyst, said, "Although the market growth has fell to 10% from 20% in the last two years, the auto market in China is still promising thanks to a large demand as the market just started its first step of a long journey."

According to Luo Lei, vice secretary of China Automobile Dealers Association (CADA), the auto market in China will keep a stable growth next year. "Because of economic laws, the market is impossible to drop suddenly but likely to maintain a relatively stable growth," he said.