Beijing’s stimulus plan for the Chinese car market helped October motor vehicle sales to grow at their fastest pace in 10 months, driven by a tax cut on small cars.
Chinese car buyers have been holding back on purchases of big-ticket items such as cars, while consumer spending on other items remained strong on the mainland, which today celebrated another record “single’s day” shopping holiday.
However, the industry has seen some signs of recovery in recent months, with October motor vehicle sales rising 11.8 per cent year-on-year, to 2.2m vehicles, according to the state-backed China Association of Automobile Manufacturers. This was an acceleration from the 2.1 per cent pace recorded in September.
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