China Feb car sales up 55.3 pct yr/yr -official data

SHANGHAI, March 9 (BestGrowthStock) – China’s passenger car sales in
February rose 55.3 percent from a year earlier to 942,900 units,
the official China Association of Automobile Manufacturers said
on Tuesday.

That compared with sales growth of 115.5 percent in January
and 52.9 percent for all of 2009, according to data from the
official industry group.

Sales were affected in part by the timing of the week-long
Lunar New Year holiday, which fell in February this year but in
January last year.

China, the world’s largest auto market, has been a major
bright spot for the global industry as it struggled over the past
year with a steep downturn.

Government policy initiatives aimed at encouraging purchases
of smaller, fuel-efficient vehicles and boosting rural economies
have spurred a sharp rebound in China auto sales growth since
early last year, although the pace is expected to slow this year
as the comparative base for sales figures expands.
Stock Research

(Reporting by Jason Subler; Editing by Jacqueline Wong)

China Feb car sales up 55.3 pct yr/yr -official data