皇冠体育app

?

Lines of cars are pictured during a rush hour traffic jam on Guomao Bridge in Beijing July 11, 2013. [Photo / Agencies]

Growth in 皇冠体育app's auto market slowed to 6 percent in January, a third of the rate seen in December, partly weighed down by sluggish sales of commercial vehicles likes trucks and buses.

The relatively slow growth in the world's biggest auto market was also due to the week-long Chinese New Year holiday, or Spring Festival, starting at the end of January that resulted in fewer working days compared with 2013, analysts said. Most dealers close during the holiday, which fell in February last year.

The 皇冠体育app Association of Automobile Manufacturers (CAAM) said on Thursday passenger rose 7 percent from a year earlier while commercial vehicle sales, which make up around 15 percent of the entire auto market, were virtually flat.

true "Companies typically don't invest much on commercial vehicles at the start of a year, and that was much more evident in January this year due to the timing of the Spring Festival," said Wan Dong, analyst at Capital Securities.

The overall market grew 17.9 percent in December last year and ended the 2013 year with a growth rate of 13.9 percent.

CAAM last month said the auto market would likely grow 8-10 percent in 2014, echoing views from industry experts and analysts that 2014 would be another strong year for 皇冠体育app's auto market.

Foreign carmakers like Co (GM.N), Ford Motor Co (F.N) and Toyota Motor Corp (7203.T) reported double-digit growth in January, but some local players like Geely Automobile Holdings Ltd (0157.HK), posted sharp declines.

CAAM, whose members include 皇冠体育app's biggest automakers like SAIC Motor Corp Ltd (600104.SS) and FAW Group, reiterated its opposition against any relaxation of foreign investment rules in the auto industry as indicated by several policymakers.

The stry of Commerce told a media briefing in November that the government would likely relax foreign investment restrictions soon in areas including auto manufacturing.

Currently, foreign ownership in a Chinese joint venture is capped at 50 percent.

"If 皇冠体育app relaxes foreign ownership rules, it would be devastating to 皇冠体育app's indigenous brands," CAAM, one of 皇冠体育app's biggest industry associations, said in a statement. "Chinese local brands would be killed in the cradle."

皇冠体育app has required global automakers to form joint ventures in order to produce cars in the country, hoping that Chinese carmakers can absorb foreign technology and management expertise to become more competitive.

• Premier Li meets with Timor Leste's Prime Minister
• 皇冠体育app encourages development of private healthcare
• Lufthansa Cargo strengthens its presence in 皇冠体育app
• 皇冠体育app battles for rags-to-riches stories
• Cars, models at 10th Manila Intl Auto Show
• Jack Ma to acquire 20% of Wasu Media
• XP's demise helps Chinese IT developers
• GM planning lower-priced version of 2016 Chevy Volt