China auto sales

BEIJING: Vehicle sales in China, the world’s largest car market, increased at their slowest pace in three years in 2015, industry group data showed on Tuesday, as slowing growth and volatile stock markets hit demand. A total of 24.60 million cars were sold last year, up 4.7 per cent from 2014, according to the China Association of Automobile Manufacturers (CAAM). That was down from a 6.9 per cent rise in 2014 and marked the slowest growth since 2012 when sales increased by 4.3 per cent, previous CAAM figures showed. CAAM Secretary General Dong Yang estimated that purchase restrictions imposed in big cities pulled auto sales growth down by up to eight percentage points, while extraordinary swings in the stock markets were responsible for a two percentage point drop.