Jan-Aug auto sales exceed 8 mln units in China

Shanghai, September 7 (Gasgoo.com) China's auto sales in the January-August period likely exceeded 8 million units, a senior minister said Saturday, Xinhuanet.com reported.

Full-year auto sales in China are expected to reach a record 12 million units, Chen Bin, head of the National Development and Reform Commission's Industry Coordination Department, said on Sept. 5.

In the first seven months, China's vehicle sales jumped 23% to 7.2 million units, according to data from the China Association of Automobile Manufacturers. It is set to issue August's sales figures.

Boosted by tax cuts and rural subsidies, auto sales rose 6.7% to 9.38 million units last year in China, which is surpassing the United States this year as the world's largest auto market.

China's industry planner is urging automakers to "keep their heads cool" to avoid overcapacity, even as it forecast a 28% jump in vehicle sales this year.

It's unclear whether growth can be sustained in the long term, as the government has not decided yet it will continue the auto market stimulus measures in the coming years.