The China Association of Automobile Manufacturers (CAAM) has issued a statement that China’s monthly sales of passenger-vehicles suffered its steepest decline in more than seven years due to a Lunar New Year holiday season hiatus that deprived dealers of a week’s worth of sales. Figures indicated that sales fell to 1.16 million units in January, a 24 percent decrease from the year before. According to five analysts from Bloomberg News, sales were projected to drop 18 percent. Bloomberg says the slump follows Chinese government estimates that holiday sales at the nation’s main retailers and restaurants rose at their slowest pace since the 2009 financial crisis, adding to signs the world’s second-largest economy is cooling. Carmakers from General Motors to Ford Motor Company (F) are counting on a rebound in February as they rely on China, the world’s biggest auto market, to help drive earnings this year.

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