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Customers visit Meng Tao's book stall in Zhongshan Park in Jinan, Shandong province, on April 29. ZHAO RUIXUE/CHINA DAILY

Currently, SUVs account for around 30 percent of Volkswagen's vehicle sales in China.

Ctrip, China's largest online travel agency, saw its sales value on Singles Day this year surge 136 percent over last year, and the volume of orders soared 159 percent year-on-year, setting a record high, the company said.

Cui Dongshu, secretary-general of the China Passenger Car Association, said China's move to abolish the list is helpful to stimulate competition in the industry.

Cyclical fluctuations appear to be inevitable in any economy, and China is no exception. Some economists have blamed the so-called structural factors, such as lagging institutional reforms, a shrinking demographic dividend, and lack of innovation, for the current downturn. But such factors can't explain the downturn.