With economies around the world, including the United States and the EU, taking measures to mitigate China’s trade policies, China’s economy witnessed a historic slowdown in 2018. As part of that slowdown, the Chinese car market touched its 30-year low.
On Tuesday, as per a statement from an official from China’s commerce ministry, the consumption growth in the country is likely to slow down further in 2019. The official went on to add, the slowdown faced by the Chinese economy in 2018 was due to “periodic” weak car sales and housing-related spending.
Wang Bin, the commerce ministry official stated, retail sales in 2019 is growing at a relatively fast pace.