China's Vehicle Sales Picked Up After Stimulus, Ministry Says
China's Vehicle Sales Picked Up After Stimulus, Ministry Says
(Bloomberg) -- China’s vehicle sales picked up last month after provincial governments announced stimulus plans of their own to revive demand in the world’s biggest automobile market, the commerce ministry said.
“Sales recovered significantly,” ministry official Wang Bin said at a briefing in Beijing today, without giving details.
Provincial authorities took action after the central government last month encouraged them to provide “support” for the auto market if they had the capacity. Local governments were also barred from placing any new restrictions on car purchases or limits on new energy vehicles.
China’s retail auto market grew 8.2% in the first half of the year compared with 2018, according to estimates from the commerce ministry.
To contact Bloomberg News staff for this story: Miao Han in Beijing at mhan22@bloomberg.net;Tian Ying in Beijing at ytian@bloomberg.net
To contact the editors responsible for this story: Young-Sam Cho at ycho2@bloomberg.net, Indranil Ghosh, Jason Clenfield
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