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China 2021 Automobile Sales to Jump 15%: Daily

CHINA PRESS

China's passenger car sales are projected to jump over 15% y/y in 2021, contributing 1 percentage point to retail sales growth, the Economic Information Daily reported citing projections from industry analysts. Local governments are expected to increase plate quotas, promote cars sales in rural areas, and encourage trade-ins of older models, the Daily reported citing the State Council executive meeting held on Nov 18th. China currently has 66 cities each with more than 1 million vehicles, and future growth comes largely from rural areas with low rates of car ownership, industry sources said.

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