Data published by the China Passenger Car Association (CPCA) showed that car sales for the first three weeks of May increased significantly compared to the same period in April, but were lower than in May 2021.
According to the report, retail car sales totaled 780,000 units, an increase of 34% compared to the first three weeks of April. However, compared to May last year, car sales fell by 16%, which was due to strict coronavirus lockdowns.
In the first three months of 2022, car sales increased by 0.2% year-on-year. Meanwhile, for the whole of 2021, car sales increased by 3.8%.
Other data also point to difficulties with economic recovery. Since the beginning of May, the volume of road freight transportation and express delivery from distribution centers has increased compared to April, but significantly decreased in annual terms.
CPCA stated that local government stimulus measures will only provide short-term support to the market, and therefore tougher policies need to be adopted to put the industry back on the path of sustainable recovery.