China's automobile manufacturing sector posts revenue growth

BEIJING -- China's automobile manufacturing industry posted positive revenue growth in the first eight months of this year, official data showed.

The sector raked in some 5.7 trillion yuan (about $802.84 billion) during the January-August period, up 3.3 percent, according to the National Bureau of Statistics.

In the first eight months of this year, the country's automobile output reached 16.97 million units, up 4.8 percent year-on-year. Automobile sales totaled 16.86 million units, rising 1.7 percent compared with the same period of 2021, according to the China Association of Automobile Manufacturers.

Pro-consumption policies helped boost the industry's profit by 100 percent year-on-year in August, NBS data showed.

In the first eight months of 2022, the sector's profit shrank 7.3 percent year-on-year, with the decline narrowing by 7.1 percentage points over the first seven months.