Auto Sales Said To Reach Record

CHINA'S automobile sales probably reached a record high of 1.15 million units last month as the government's stimulus plans began to pay off, estimates from the China Association of Automobile Manufacturers indicated yesterday.

The official figures for vehicle production and sales are scheduled for release next Monday. Assuming the association's figures are borne out by official data, last month would be the fifth straight month of growth for the industry.

China unveiled a support package for the auto industry early this year, cutting purchase taxes for cars with small engine capacities and providing subsidies to rural purchasers.

China's March auto sales grew 5 percent from a year earlier to 1.11 million units.