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Michael Pettis: China passenger vehicle sales drop 28 percent in September, exports surge 73 percent

Michael Pettis: China passenger vehicle sales drop 28 percent in September, exports surge 73 percent
China auto sales drop as exports rise

Michael Pettis, economist, professor of finance at Peking University and nonresident senior fellow at Carnegie Endowment for International Peace, highlights that passenger vehicle sales in China declined 28.1 percent year-over-year to 1.63 million units in September, according to Reuters.

The September drop marks a worsening from a 23.7 percent fall in August. In contrast, car exports rose 73.2 percent on the year to 923,000 vehicles last month, following a 77.5 percent increase in August.

Pettis has previously reported that China cut its total number of banks by nearly a quarter, with more than 670 closures last year, according to official figures. He has also noted that China’s growing debt is constraining the government’s capacity for broad new economic stimulus, as detailed in recent commentary. These developments have come as authorities face pressure from multiple sectors of the economy.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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