Passenger-vehicle sales near two-year high

Chinese monthly passenger-vehicle sales rose to the highest number in almost two years, beating analysts' estimates, as consumer confidence improved with the economy, and dealerships increased discounts to reduce stockpiles.

Wholesale deliveries, including multi-purpose and sport utility vehicles, rose by 8.75 percent to 1.46 million vehicles last month, the China Association of Automobile Manufacturers said on Monday.

Buyers are stepping up auto purchases as dealerships increase discounts to reduce stock at the end of the year, according to industry researcher IHS Automotive.