Chinese auto industry grow more slowly than expected in 2017

The growth of Chinese auto production and sales will be not more than 4 percent in 2017, compared to the 5-percent growth expected by China Association of Automobile Manufacturers at the beginning of this year, according to an official with the auto association.

China Association of Automobile Manufacturers expects the development of auto industry will further slow down in 2018.

China’s economic development goal has shifted from speed to quality, so does the auto industry, said Xu Haidong, assistant to the general secretary of China Association of Automobile Manufacturers.

The new energy cars, imported cars and second-hand cars are all the factors affecting the sales of the fuel cars, Xu added.

The production and sales volume of new energy vehicles will surely surpass 700,000 units in 2017, said Xu, adding that the new energy car sales next year is expected grow 40 percent to 50 percent to 1 million units.

The new energy vehicle subsidy policy wil be adjusted based on all sorts of considerations. Generally, the subsidy policy will finally exit and the new energy car industry should rely on real market demand, Xu said.