BEIJING, June 29 (Xinhua) -- Circulation of used car in Chinese market is expected to enter fast lane and see huge market potential with policies recently launched by China's Ministry of Commerce (MOC) for removing unwarranted restrictions on cross-province registration for trading used cars, reported by Chinanews.com Monday.
According to data from China Association of Automobile Manufacturers (CAA), in 2020, China's used car transactions reached 14.34 million units, of which cross-regional transactions accounted for only 27.5 percent of the total. It is believed that China's domestic used car market has huge potential, and there is still a lot of room for development in the cross-regional circulation of used cars.
Facilitating used car transactions and promoting the cross-regional registration for trading is a major trend in the development of the auto market, said Zhang Yanwei, chief operating officer of China's used-car online auction platform Tiantian Paiche.
Data from Tiantian Paiche shows that the proportion of cross-regional transactions of used cars on their auction platform has exceeded 70 percent, and its total trading volume exceeded 20 billion yuan in 2020.
Since June 2021, 20 cities in China have been piloting the registration of used car transactions across provinces. The implementation of these favorable policies is important to stimulate the consumption potential of the market and further promote the national circulation of used cars, said Zhang.
(Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)
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