Automobile sales in China jumped more than 22 percent year-on-year in February, an industry group said Friday, in fresh evidence that a cut in purchase taxes was supporting demand in the world's largest car market. Sales reached 1.94 million units last month, up 22.37 percent compared to the same time last year, the China Association of Automobile Manufacturers (CAAM) said in a statement.
The result provided fresh evidence of solid sales in the sector after authorities slashed a purchase tax in late 2015.
Auto sales surged nearly 14 percent in 2016, marking the fastest full-year growth in three years.
February's sales marked a drop from January of 23.03 percent, the CAAM said, blaming the Chinese New Year holiday that lasted for much of the first half of last month.
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