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Rearview mirror: Car industry's hot topics in 2017

China Daily | Updated: 2018-01-08 13:19
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A visitor take a photo of a new energy vehicle at the China International Energy-saving and New Energy Vehicle Exhibition held in Beijing, Oct 19, 2017. [Photo by Chen Xiaogen/For China Daily]

8. Purchase tax cut can't halt slow down

China's auto market growth is set to slow to a six-year low this year, despite a 25 percent purchase tax cut on smaller car models.

Industrial experts predicted the market's total new vehicle sales volume will reach 29 million units by the end of 2017, for an annual growth rate of 3.5 percent year-on-year.

The purchase tax cut was revised in 2016 to 25 percent on cars with 1.6-liter and smaller engines in 2017, from the previous 50 percent tax cut, to prevent a hard landing of the new car market.

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