New rules put brakes on China car sales
The rate of growth in car sales in China slowed substantially in May, executives, dealers and analysts said, hit by the central government's new restrictions on car loans.
The executives, speaking on the condition of anonymity, said sales of cars had grown by about 15-20 per cent compared with May, 2003, about half the 45 per cent average monthly rate of increase recorded so far this year.
The 15-20 per cent increase, amounting to about 190,000 cars, is also well below the year-on-year increase in May 2003, which was more than 60 per cent.
"The slowdown is widespread, across all regions, models and brands," said a China-based industry consultant.
Although a double-digit growth rate would be the envy of most other countries, the slowdown promises to change the dynamics of the market, which is on track to surpass Japan as the second-largest in the world.
A survey of dealers in Zhejiang, one of China's richest provinces, near Shanghai, by Automotive Resources Asia, found that car loans accounted for 10 per cent of car sales last month, compared with 35-40 per cent last year.
Xiong Wei, a Nissan dealer in Tianjin, in northern China, near Beijing, said potential customers were finding it difficult to qualify for car loans from local banks.
The China Banking Regulatory Commission said last week it would investigate rising car loans after widespread complaints about rising defaults and the failure of banks to do proper credit checks.
Other factors contributing to softening sales include customers expectations of price cuts and hopes that Shanghai, which accounts for 20 per cent of national sales, will be forced to ditch its auction system for licence plates, which has added about Rmb40,000 ($4,800) to the cost of a car.
The new dynamics will increase pressure on the market leaders, the joint ventures operated by Volkswagen, General Motors and Honda, whose operations in China have been highly profitable in recent years. 贷款新规定抑制中国汽车销售
中国的一些经营管理人员、经销商和分析师表示，中国汽车销售增长率5月份显著放缓，原因是中央政府对汽车贷款设定了新限制，汽车销售由此遭到打击。
几位不愿具名的经营管理人员表示，与2003年5月份相比，汽车销售增长15%至20%，约为2004年开始至今45%的平均月增长率的一半。
15%至20%的增长约等于19万辆汽车，也远低于2003年5月比2002年同期60%以上的增长。
“减速具有普遍性，遍及所有地区、型号和品牌，”驻中国的一位汽车业咨询师表示。
虽然两位数的增长率被大多数其他国家所羡慕，但减速预示着市场动态的改变。而中国市场正可能超越日本成为全球第二大汽车市场。
《亚洲汽车资源》对中国最富裕省份之一、临近上海的浙江省汽车经销商进行了一项调查。调查发现，上月汽车销售中贷款量占10%，相比之下去年则占35%至40%。
天津日产(Nissan)汽车经销商熊伟(Xiong Wei, 音译)表示，潜在客户发现自己很难符合当地银行制定的汽车贷款条件。天津位于华北，临近北京。
中国银监会上周表示，将对汽车贷款增长展开调查。此前，人们普遍抱怨说，贷款拖欠的上升，以及银行没有适当地进行信用审查。
其它导致汽车销量疲软的因素包括，顾客预计汽车价格下降，以及市场希望上海将被迫放弃其车牌拍卖制度。上海目前占全国汽车销量的20%。除了购车费用外，在上海购买一张车牌还须付出4万元人民币(合4800美元)。
市场出现的新动向将给市场领军企业增加压力。这些企业是由大众(Volkswagen)、通用汽车(General Motors)和本田(Honda)经营的合资企业，这些外国企业的在华业务最近几年利润非常高。
