China's automobile production and sales have achieved double growth in the first 10 months of the year, industrial data showed Monday.
From January to October this year, the automobile production and sales nationwide reached 24.466 million and 24.624 million respectively, up 1.9 percent and 2.7 percent year on year respectively, according to the data released by the China Association of Automobile Manufacturers.
In October alone, automobile production and sales reached 2.996 million and 3.053 million respectively, up 7.2 percent and 8.7 percent month on month, and up 3.6 percent and 7 percent year on year respectively.
In terms of new energy vehicle (NEV) sales, the production and sales of NEVs in October reached 1.463 million and 1.43 million respectively, up 48 percent and 49.6 percent year on year respectively.
The sales of NEVs accounted for 46.8 percent of the total new car sales nationwide in October.
From January to October, the production and sales of NEVs reached 9.779 million and 9.75 million respectively, up 33 percent and 33.9 percent year on year respectively. The sales of NEVs accounted for 39.6 percent of the total sales of new vehicles across the country in the 10-month period.
China's auto production, sales realize double growth in first 10 months
China's sharp countermeasures against U.S. "reciprocal tariffs" demonstrate the country's zero tolerance towards actions that undermine the global multilateral trading system, according to an expert.
Amid widespread opposition, U.S. President Donald Trump on Wednesday signed an executive order on the so-called "reciprocal tariffs", imposing a 10-percent "minimum baseline tariff" on all imported goods and higher rates on certain trading partners. The order took effect from Saturday.
For China, it faces a 34-percent tariff from the United States. That was on top of the existing tariff of 20 percent.
Following the U.S. decision to impose "reciprocal tariffs" on Chinese exports to the United States, China's Customs Tariff Commission of the State Council said Friday that the move taken by the U.S. does not conform to international trade rules, seriously undermines China's legitimate rights and interests, and represents a typical act of unilateral bullying.
It also announced that China will impose additional 34-percent tariffs on all products imported from the United States starting from April 10.
Wang Yaojing, assistant professor of economics with Peking University, pointed out that China's countermeasures shows its clear stance in opposing unilateralism and protectionism.
"China's countermeasures clearly demonstrate zero tolerance against actions that seek to undermine the global multilateral trading ecosystem. These harmful moves have far-reaching consequences for the global economy. And China's countermeasures are both well-prepared and timely," Wang emphasized.
China’s countermeasures show zero tolerance towards US unilateralism, protectionism: expert
