China Association of Automobile Manufacturers (CAAM) said auto sales dropped -0.1% yoy in December. That’s the 18th straight month of decline. For the whole of 2019, auto sales dropped -8.2%. The association also said sales will drop further by -2% in 2020.
Shi Jianhua, a senior official at CAAM, said: “We have moved away from the high-speed development stage. We have to accept the reality of low-speed development… We had high-speed growth for a consecutive 28 years, which was really not bad, so I hope everyone can calmly look at the market.”
