Retail sales of passenger cars in China declined 17% in May from the same period a year ago, narrowing by 17 percentage points from the previous month, an industry association said. This was reported by The Xinhua News Agency.
Over 1.35 mln passenger vehicles were sold in May, up 30% month on month, according to a preliminary calculation by the China Passenger Car Association.
China's auto market is gearing up for recovery as the COVID-19 impacts wear thin and the policy incentives take effect, the car association said.
In the latest move, China has decided to slash the purchase tax by half for passenger cars under ¥300,000 (about $45,022) with engine displacements within 2 liters purchased between June 1 and Dec. 31 this year.
The tax, which usually stands at 10% of a vehicle's sticker price, has now been cut to 5%.
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