Car sales in China fell by more than 60 per cent in April. Photo: AFP
Car sales in China fell by more than 60 per cent in April. Photo: AFP

China economy: ‘magnitude’ of local subsidies, tax cuts to boost slumping car sales seen as too small

  • The central government announced that it will cut the purchase tax for selected cars by half for the remainder of the year
  • Car sales fell by more than 60 per cent in April as overall consumption tumbled in recent months amid a number of lockdowns in some of China biggest cities

Car sales in China fell by more than 60 per cent in April. Photo: AFP
Car sales in China fell by more than 60 per cent in April. Photo: AFP
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