Drop in China's auto-related retail sales narrows further

Source: Xinhua| 2020-07-19 17:04:12|Editor: huaxia

BEIJING, July 19 (Xinhua) -- China's auto-related retail sales totaled 1.64 trillion yuan (about 234.4 billion U.S. dollars) in the first half (H1) of 2020, down by 15.2 percent year on year, official data showed.

The decline, however, further narrowed from that in the first five months, said the China Association of Automobile Manufacturers, citing the latest data from the National Bureau of Statistics.

Retail sales in the sector, on track to rebound, made up 9.5 percent of the country's total retail sales of consumer goods in H1, according to the association.

In June alone, auto-related retail sales fell by 8.2 percent year on year to 361.2 billion yuan, accounting for 10.8 percent of the total retail sales of consumer goods.

To cushion the short-term impact the coronavirus outbreak has caused on auto sales, a pillar of China's consumption, China has encouraged local authorities and financial institutions to roll out measures to help stimulate the market. Enditem