China industry body cuts 2022 auto sales growth forecast to 3%

SHANGHAI: China's automobile industry association downgraded its 2022 sales forecast on Monday as anti-pandemic measures weighed on the economy and its car market, the world's largest.

Overall growth of around 3 per cent compares with the 4.4 per cent achieved in 2021 and the 1.9 per cent fall of 2020. That tax break has affected purchases of close to 1.1 million vehicles, bringing a tax loss of 7.1 billion yuan for the government, the official People's Daily said.

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