Chinese vehicle sales grew just 2.5 per cent last year, as the withdrawal of government stimulus measures tamed the exuberance of the world’s auto market.
By contrast, the US last year bounced back to become the world’s fastest-growing big car market, with car and light truck sales climbing about 10 per cent. But at an estimated 12.8m units last year, US light vehicle sales were still far below China’s 18.5m.
A decade ago, the US auto market was at least 10 times the size of China’s. Some Chinese car buyers may have held off purchasing cars because of credit tightening or fears of inflation, but few analysts see the slowdown as a bellwether of slower Chinese economic growth.
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