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China’s auto sales growth slows amid weak economy

Associated Press
August 10, 2012
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Growth in China's auto sales decelerated in July, data showed Thursday, adding to signs of weakness in the world's second-largest economy.
 
Passenger car sales rose 11 percent to 1.12 million, down from June's 15.8 percent rate, the government-sanctioned China Association of Automobile Manufacturers reported. Total vehicle sales rose 8 percent to 1.38 million, down from the previous month's 10 percent gain.
 
Auto sales spiked in 2009 and 2010 after Beijing responded to the global crisis by cutting taxes and offering subsidies. But growth has dropped off since those incentives ended and the economy's rapid expansion slowed.
 
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