China
        

From Chinese Media

60b yuan downturn in car sales challenges Beijing's consumption growth

Updated: 2011-02-17 16:01

By Song Jingli (Chinadaily.com.cn)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

Growth of retail sales of consumer goods in Beijing may slow down in 2011 as car retail sales may decrease by 60 billion yuan due to the license plate lottery, caijing.com reported, citing a preliminary estimation by the Beijing municipal commission of commerce.

Car sales in Beijing in 2010 amounted to more than 160 billion yuan, accounting for 26 percent of the value of all retail consumer goods sold in the city, caijing.com cited Wang Shuxia, an official of the commission, as saying.

Wang estimated that about 580,000 cars will be sold, generating revenue of 100 billion yuan, in 2011 in Beijing.

Related readings:
60b yuan downturn in car sales challenges Beijing's consumption growth Retail tricksters only fool themselves
60b yuan downturn in car sales challenges Beijing's consumption growth Retail sales in China to grow 15% in 2011
60b yuan downturn in car sales challenges Beijing's consumption growth China's retail sales up 18.4% in 2010

Beijing will only allow new car registration for 240,000 vehicles this year to improve traffic conditions. Last year, a total of 890,000 new cars hit Beijing's roads.

"It's a test for the government to close the gap in retail sales to be incurred by the downturn of car consumption," caijing.com cited Cui Yan, a researcher at the Beijing Economic Information Center, as saying.

Beijing will try to upgrade consumption in the vehicle industry from traditional goods consumption to service consumption, caijing.com reported, citing vice Mayor Cheng Hong.

Specials

Spring Festival

The Spring Festival is the most important traditional festival for family reunions.

Top 10

A summary of the major events both inside and outside China.

A role model

Alimjan Halik had been selected as the "Cyberspace Personality Who Moved the Hearts of the Chinese in 2010".

All about the Year of the Rabbit
President Hu visits the US
Ancient life