China's automobile industry has shown steady growth in 2024, with vehicle production and sales rising consistently during the first nine months of the year, according to data released by the China Association of Automobile Manufacturers (CAAM) on Saturday.
During the January-September period, the country's auto production reached approximately 21.47 million units, up 1.9 percent year on year.
Auto sales totaled 21.57 million units, marking a 2.4 percent increase from the same period last year. Notably, both production and sales of new energy vehicles (NEVs) surpassed 8.3 million units, with year-on-year growth exceeding 30 percent in both categories, according to CAAM's data.
CAAM stated that within the structure of automobile production and sales, NEVs now account for nearly 40 percent of total vehicle sales.
China's passenger vehicle market has been gradually picking up, with retail sales growing stronger in the third quarter of this year, thanks to government policies encouraging vehicle trade-ins and manufacturers launching new models during "Golden September and Silver October", a peak period for car sales, said Chen Shihua, deputy secretary-general of the Association.
In August, China increased the financial stimulus to encourage consumers to scrap their old vehicles and buy new ones. Subsidies for trade-ins of new-energy passenger vehicles have doubled from 10,000 yuan (about 1,414 U.S. dollars) to 20,000 yuan, while those for trade-ins of fuel passenger vehicles have been lifted from 7,000 yuan to 15,000 yuan.
At the same time, the export of finished vehicles has also seen steady growth. In the first three quarters, China's automobile exports reached 4.312 million units, a 27.3 percent year-on-year increase. Among them, exports of NEVs totaled 928,000 units, up 12.5 percent year on year.
China's auto sector shows strong growth momentum in first nine months
China Media Group (CMG) on Thursday unveiled its list of top 10 international economic and business events for 2025.
The Top 10 international economic and business events for 2025 are as follows.
1. China sustains global growth with 30 percent contribution, countering headwinds
China's economy maintained steady growth despite challenges from unilateralism and protectionism, contributing about 30 percent to global economic expansion and serving as a key driver and stabilizer.
2. China secures favorable outcome with proportional countermeasures after U.S. tariff moves
Following a full-scale tariff war initiated by the United States, China implemented proportional countermeasures and subsequently, became the sole major economy to achieve a favorable negotiation outcome, bolstering global economic stability.
3. Largest Shanghai Cooperation Organization (SCO) summit held in Tianjin
The 25th Meeting of the Council of Heads of State of the Shanghai Cooperation Organization, held on Aug 31-Sept 1 in north China's port city of Tianjin, was the largest since the SCO's founding. It saw China advancing a global governance initiative based on extensive consultation and joint contribution. Member states issued a statement supporting the multilateral trading system.
4. China-EU: 50th anniversary of ties
This year marks the 50th anniversary of diplomatic relations between China and the European Union. Bilateral trade between the two sides has expanded more than 300 times since the establishment of relations.
5. China breaks into top 10 of WIPO Global Innovation Index
According to the World Intellectual Property Organization (WIPO) 2025 report, China has entered top 10 of the Global Innovation Index for the first time. China also hosts 24 of the world's top 100 innovation clusters, leading all countries for three consecutive years.
6. "China Travel" gains global appeal as visa-free circle expands
China's expanding visa-free policy has boosted inbound tourism. The nationwide implementation of immediate tax refunds for overseas shoppers has made "Shop in China" a new trend.
7. Gold prices hit highs on robust demand; silver outpaces
Strong demand from central banks and investors drove international gold prices to historic highs. Silver prices rose approximately twice as fast as gold, influenced by widening supply-demand gaps.
8. Tech giants ramp up computing power investment amid AI competition
Driven by policies and technological breakthroughs, international tech giants intensified investment in computing infrastructure, fueling fierce global competition in artificial intelligence.
9. 43-day U.S. government shutdown disrupts official data publication
The longest-ever shutdown of the U.S. federal government, lasting for 43 days, disrupted publication of key economic data, affecting Federal Reserve policy decisions, as the national debt continues to pose severe challenges to economic prospects.
10. BRICS advances Global South collaboration; G20 highlights "Africa Moment" The 17th BRICS Summit, held in Brazil's Rio de Janeiro on July 6-7, saw BRICS cooperation strengthened solidarity within the Global South. The 20th G20 Summit, held in South Africa's Johannesburg on Nov 22-23, marked G20's first-ever gathering in Africa and underscored the Global South's rising role in global governance.
China Media Group unveils top 10 int'l economic, business news for 2025
