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
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Gold loses some luster after Trump’s decisive win
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Russia takes aim at US nuclear power by throttling uranium
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project