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China's internal combustion engine sector growth slows in first 8 months

(Xinhua)

15:24, October 12, 2011

BEIJING, Oct. 12 (Xinhua) -- The output value of China's internal combustion engine sector rose 23.63 percent year-on-year to hit 99.53 billion yuan (15.8 billion U.S. dollars) in the first eight months, the Shanghai Securities Journal reported on Wednesday.

But the rise was about 10 percentage points lower than the growth rate of 2010, the report said, quoting the China Internal Combustion Engine Industry Association (CICEIA).

The CICEIA said the growth rate so far has been at a normal level despite remarkable decline.

The sector's sales totaled 98.632 billion yuan during the period, up 24.48 percent from last year, the CICEIA said.

Meanwhile, the sector's exports increased steadily, surging 33.27 percent year-on-year to 6.46 billion yuan over the past eight months, according to the CICEIA.

The CICEIA said the market has anticipated a slowdown as the sector experienced a sales boom last year. Many internal combustion engine producers have worked to explore new sales channels, noticeably in overseas markets.

The CICEIA expected the sector's output to grow between 8 to 10 percent this year to 78 million sets.

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