China's car sales hit the brakes

Source: 
scmp.com

Car sales in China climbed 5.2 percent last year, the slowest pace since the nation's car culture took off at the turn of the century, as consumers shunned local brands after Beijing scrapped tax incentives for small cars.

Even so, solid demand for foreign marques helped China keep its ranking as the world's top market, with total car sales of 14.5 million, about 2 million more than in the US last year.

The outlook for this year is expected to improve, thanks to still-robust automobile demand in lower tier cities, which are catching up with major metropolitan areas as major growth engines, industry observers say.

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