BEIJING : Chinese authorities announced measures on Friday intended to help boost sales of automobiles and electronics with the goal of shoring up a sluggish economy, but the steps failed to impress investors who have been clamouring for stronger stimulus.
As China's post-pandemic economic recovery slows, policymakers have identified the country's automobile sector as a key lever which they want to use to shore up growth. In June, they unexpectedly extended a purchase tax break on new energy vehicles until 2027. In March, a top industry association urged the auto industry and authorities to cool the 'price-cut hype' to ensure the healthy and stable development of the industry.