China Now Biggest Car Market
While the rate of decline in U.S. car sales has gone down somewhat recently, it is still very high (34%), and much of that deceleration reflects base effects, so car sales remain very low compared to before.
By contrast, Chinese car sales are booming, increasing as much as 47% compared to a year earlier. This reflects both the fact that the Chinese economy is stronger than the U.S. economy (and almost all other economies as well), but also that they have cut taxation of cars, and in certain rural areas even subsidized them. Total sales of vehicles was 1.13 million, 829,100 of which was passanger vehicles, more than in America.