MIIT actively working on introducing stimulus policies to boost automobile consumption in China
Ministry of Industry and Information Technology (MIIT) is actively cooperating with relevant ministries and commissions to study policies and suggestions for boosting and stabilising automobile consumption in China. Such was the statement of Xin Guobin, Deputy Minister of MIIT at a press conference during China’s Manufacturing Industry Resumption Meeting on Monday, March 30.
Following the MIIT’s calls, many Chinese provinces have already issued supportive measures to boost car consumption, added Xin in his statement. He believes more stimulus policies will make their way shortly.
Xin also mentioned the operational status of the car industries during the press conference. He said the overall operating rate of the industry increased to 97 per cent from around 60 per cent. The rate of returning employees rose 82 per cent from nearly 50 per cent since March 19.
The resumption of production is high too, but some of the barriers to continual improvement include sluggish consumer demand, which may lead to disruptions in production during the time ahead.
Data from the China Association of Automobile Manufacturers (CAAM) showed China produced 285,000 vehicles and sold 310,000 units in February, down 79.8 per cent and 79.1 per cent year-on-year, respectively.
Total production and sales of automobiles in the first two months of the year stood at 2.048 million and 2.238 million units, respectively, registering a decline of 45.8 per cent in production and a fall of 42 per cent in sales from the same period last year.
Due to this, the price of aluminium alloy (ADC12), which is widely used in automotive production in China, has moved down significantly since the beginning of January.
source: Argus Media
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