China September passenger car retail sales fall 28% YoY despite seasonal peak

China's passenger car retail sales dropped 28.0% year-on-year in September to 1.62 million units, per CPCA data, a sharp decline even amid the traditional seasonal peak and strong export growth. The magnitude of the fall suggests weakening domestic demand, possibly due to economic headwinds or policy effects, though export strength may partially offset. This signals potential downside to China's consumption and broader growth outlook.