BEIJING, Oct. 23 (Xinhua) -- China's automobile market probably will see its growth slow down in the future, yet remaining prosperous, according to Xin Guobin, vice minister of industry and information technology at a press conference on Tuesday.
China's production and sales of automobiles have already been on a high level, wit the production and sales scale reaching 29.4 million units in 2017. The high-speed growth may not be sustainable and the low growth will probably be the normal state of future development, said Xin.
Given the large demands of the old vehicles for replacement or scrapping and automobile demands in small cities and towns, the automobile industry will see large spce for further growth, which certainly will be not as high as in the past, Xin added.
At the press conference, he also pointed out that the concentration of the automobile industry is further increasing as total sales of the top ten companies by sales in the industry accounted for nearly 90 percent of the total sales.
The new energy vehicles have maintained a good momentum of development, said Xin. (Edited by Hu Pingchao, hupingchao@xinhua.org)
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