60b yuan downturn in car sales challenges Beijing's consumption growth
Updated: 2011-02-17 16:01
By Song Jingli (Chinadaily.com.cn)
Growth of retail sales of consumer goods in Beijing may slow down in 2011 as car retail sales may decrease by 60 billion yuan due to the license plate lottery, caijing.com reported, citing a preliminary estimation by the Beijing municipal commission of commerce.
Car sales in Beijing in 2010 amounted to more than 160 billion yuan, accounting for 26 percent of the value of all retail consumer goods sold in the city, caijing.com cited Wang Shuxia, an official of the commission, as saying.
Wang estimated that about 580,000 cars will be sold, generating revenue of 100 billion yuan, in 2011 in Beijing.
"It's a test for the government to close the gap in retail sales to be incurred by the downturn of car consumption," caijing.com cited Cui Yan, a researcher at the Beijing Economic Information Center, as saying.
Beijing will try to upgrade consumption in the vehicle industry from traditional goods consumption to service consumption, caijing.com reported, citing vice Mayor Cheng Hong.
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