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Dynamic Markets: It’s a race to the bottom in China’s auto market

A mere four years after overtaking the U.S. as the world’s largest car market, China’s automotive industry has arrived at an important inflection point. The days of growth rates above 20 percent are over, and rates may dip as low as 6 percent by the end of the decade. Several factors are driving this shift. At the national level, in order to implement long overdue structural reforms and contain a looming financial crisis, Beijing has had no choice but to put the brakes on overall economic growth. At the same time, in cities such as Beijing, Shanghai, and Hangzhou, local governments are imposing new vehicle sales restrictions to combat severe traffic congestion and air pollution.

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