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Home >> Business
UPDATED: 16:35, June 15, 2004
China slowing down its car production
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China turned out 215,100 cars in May, 24,400 less than in the preceding month, according to latest figures released by the National Statistics Bureau on Tuesday.

The growing storage of cars since the start of this year resulted in a 10-plus percent decrease in sedan production. And official figures indicated that more than 80,000 cars were stored up during the first quarter of this year, and 23,000 more cars went to the storehouses in April.

Compared with May of 2003, car production in May this year rose by 30.5 percent. During Jan.-May period, a total of 1.03 million cars were produced, a rise of 37.6 percent year-on-year.

Some experts, however, still hold that as China will cancel its car import quota next year to comply with its obligation requested from its entry into the World Trade Organization, many domestic consumers are still expecting a further price drop in car market.

Source: Xinhua

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