Record January Car Sales in China

Sales of passenger vehicles in China rose to a record 1.88 million units in January from 1.71 million a year earlier, according to the China Passenger Car Assn.

China Daily cites analysts who attribute the gain to holiday purchases, the timing of annual bonuses and "panic consumption" by consumers eager to buy vehicles before more cities limit such purchases.

CPCA predicts further sales growth this month as panic buying continues and tighter rules on access to government vehicles by civil service workers push more workers into the retail market.