Imported car prices fall 3.4% in April

Prices of imported cars in China fell the most in five months, adding to signs that demand for luxury products is slowing because of a government campaign to rein in lavish spending by public servants.

Average prices of imported cars in April fell 3.4 percent from a year earlier, according to Cheng Xiaodong, head of auto-price monitoring at the National Development and Reform Commission, China's top economic planning agency. That compares with the 0.2 percent increase for locally made passenger vehicles.