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News from China Association of Automobile Manufacturers (CAAM for short as below) reports that the vehicle sales of China may experience a significant slowdown in this year. CAAM analyzes that many auto buyers purchase their vehicles at last year. Hence, the auto sales this year are forecast to surge more than 10 percent and the sales volume may reach 15 million units.
China auto sales at last year grew 46.2 percent year-on-year and the sales volume hit record high at 13.65 million units. China becomes the largest auto market in the world. Many auto experts believe that the robust growth last year was mainly attributed to the government"s stimulus packages, including tax cutting, trade-in measures and so on. These policies pull the rural consumption and many farmers buy their first vehicle at last year. Many of them also actively replace their old vehicles to a new one.
In the year of 2010, the development of Chinese auto market may run slowly. However, the total sales volume in this year is still so large. Many multinational corporations will expand their investment in China.