China's June vehicle sales fell by 9.6% from the same month a year earlier
And this of course follows the annual contraction posted last year (first in two decades) in the wake of slowing economic growth and the ongoing trade dispute with the US. The drop in June marks the 12th consecutive month of decline for vehicle sales in the country, according to the China Association of Automobile Manufacturers.
That is indeed a worrying sign as China is the world's biggest market for the auto industry and the industry association now expects yet another negative growth this year following what we're seeing over the first six months.
They are also calling for the Chinese government to implement new policies in order to boost consumption. The data here may not have large ramifications on its own but this feeds into weakening domestic demand in the Chinese economy and that isn't a good sign for the global economy in general.
