China's auto market is feeling worry from the global financial crunch, with prices sliding in October. According to the news from the National Development and Reform Commission (NDRC) shows that the growth rate of Chinese auto prices fell to less than half a percent year-on-year in October. In fact, October prices fell by seven-tenths of a percent from that of September. Meanwhile, prices for auto imports fell in October by roughly 2 percent from the previous month.

An official from NDRC said the gloomy international auto markets have dragged down auto sales volumes and prices in emerging markets. Shrinking overseas demand has also stirred up competition among domestic automakers. The NDRC predicts that auto prices will continue to go down amid the global downturn.