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China's automobile price may drop 5 percent in 2008 -- NDRC
Shanghai. February 13 (Gasgoo.com) – A latest survey made by National Development and Reform Commission (NDRC) indicates that China’s automobile price will continue to decline as much as 5 percent this year, according to Shanghai-based Chinese language newspaper Oriental Morning Post.
Strong supply, limited demand and growing competition in automobile industry will further bring car prices down in 2008, NDRC said in a report.
The Car Price Monitoring Center under NDRC said China’s automobile price dropped 4.86 percent last year. In last December, China’s passenger vehicle prices dropped more than 6 percent year-on-year.
China’s income per capita will continue to rise in 2008, but China’s car production will rise at a faster pace, which will lead to a continuing decline in car prices, the NDRC report said.
In addition, China will import or locally produce more than 80 new car models this year. The expansion of output capacity, growing stockpiling and more imports will bring down car prices, NDRC said.
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