China's vehicle sales rose 34% in May
China's vehicle sales jumped 34% year on year to hit 1.12 million units in May, mainly boosted by government stimulus measures that include tax-cuts and subsidies, the Wall Street Journal reported, citing statistics released by China Association of Automobile Manufacturers (CAAM).
In contrast, vehicle sales in the U.S. declined 34% from a year earlier to 925,824 units last month.
In the period from January to May, vehicle sales in China increased 14.3% to 4.96 million units while sales in the U.S. decreased 37% to 3.95 million during the first five months of this year, according to CAAM.
China's passenger car sales hit a monthly high of 829,100 units in May, up 47% from a year earlier, exceeding passenger car sales the U.S. for the fifth consecutive month.
The government in China has cut taxes on small car purchases and offered subsidies for car purchases by rural residents.
General Motors Corp, the largest overseas automaker in China, also benefited from the central government's policies. It posted an increase of 33.8% in vehicle sales in the first five months in China, selling 671,148 units in the period.
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