CHINA KNOWLEDGE

China Knowledge is in the business of providing business solutions and products on China. Within the Group it has financial terminal, publishing, newswires, research, multimedia production and a wide range of consulting services offer to foreign businesses seeking opportunities in China.
Business
China’s second-hand cars transection volume crosses RMB one trln
CKN
2018/12/24 03:46:25
3,001
China's News, China's Financial News, second-hand cars

Dec 24, 2018 (China Knowledge) - According to the 2018 national business conference, the second-hand car trade volume in China is expected to reach a record high for the third consecutive year. The second-hand car has great potential for development and will strongly promote the development of the automobile market in the future. In 2018, China's second-hand car transaction volume will exceed RMB one trillion, reaching RMB 1.03256 billion, with a growth rate of 27.6% year-on-year

Zheng Shuwei, director of the department of market construction of the ministry of commerce, said that with the partial abolition of the policy of restricting the relocation of used cars, the second-hand car market continued to grow rapidly. In the first 10 months, 11.33 million second-hand cars were traded nationwide, an increase of 13% year-on-year.

On March 5, 2018, the government report proposed that the relocation restriction policy would be abolished in an all-round way. The policy has been abolished in some provinces, but is still in place in other provinces. The continuous growth of used car trading volume also proved the positive impact of the policy on the used car market.

The abolishment of restrictions on the relocation of used car market will accelerate the circulation of used car market in different places, promote the release of replacement demand, promote the development of auto parts, maintenance, insurance and other related services, and promote the continuous optimization of the structure of China's auto market to achieve high-quality development.

Copyright © 2018 www.chinaknowledge.com

Send feedback or comments to: info@chinaknowledge.com

For more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: www.chinaknowledge.com

To access our page on Bloomberg, type CKFI