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China's automobile market expected to gradually stabilize in 2020

(People's Daily Online)    13:11, January 16, 2020

China's automobile production and sales fell 7.5 percent and 8.2 percent respectively in 2019 compared with 2018. Experts said that after 28 years of sustained high growth, a certain adjustment is normal and the market is expected to gradually stabilize in 2020.

(Photo/Xinhua)

Auto industry data released by China Association of Automobile Manufacturers (CAAM) on Jan. 13 showed that the production and sales of automobiles in China reached 25.7 million and 25.8 million in 2019, down 7.5 percent and 8.2 percent year-on-year, respectively.

Various factors such as the macroeconomic slowdown, the early release of consumer demand, the uncertainty brought about by economic and trade frictions, and the development of new online ride-hailing business models may account for the decline of China's automobile market in 2019.

Although the automobile industry has declined since 2018, it is normal market behavior to see a certain adjustment after 28 years of sustained high growth, according to Shi Jianhua, Deputy Secretary General of the CAAM.

"No industry can keep going up without adjustment. There are ups and downs, and this is the only way to sustainable development of the industry, "said Shi, adding that this will contribute to the healthy development of the industry in the future.

Meanwhile, CAAM forecasts that the decline will narrow to 2 percent in 2020. The current automobile industry is transitioning from quantitative growth to high-quality development, and the market is expected to gradually stabilize, Shi pointed out. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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