BEIJING, Jan. 23 (Xinhua) -- China’s automobile market witnessed a positive performance in 2017, which has accelerated transforming high-speed growth of the industry into high-quality development, in a bid to make it more coordinated and balanced, Gao Feng, spokesman with the Ministry of Commerce said at a routine conference on January 18.
The Xinhua-run Economic Information Daily quoted Gao as saying on Monday that China’s new vehicle market had maintained a steady development in 2017, with sales of automobiles in the country reaching 28.879 million units, up 3 percent year on year, hitting a record high and ranking the first for nine consecutive years in the world.
The consumption structure for the automobile industry continued to adjust and optimize, with sales growth of new energy vehicles at 53.3 percent, and the market share of own-brand passenger vehicles up 0.7 percentage points.
Meanwhile, the second-hand vehicles market saw a rapid growth in 2017, with the transaction volume of the second-hand vehicles in the country exceeding 12 million units, up 20 percent year on year, Gao said.
Moreover, the scale of automobiles consumption continued to expand. In the first 11 months of 2017, the retail sales of motor vehicles above designated size in China reached 3.8 trillion yuan, an increase of 6 percent over the same period of last year, accounting 26 percent of the total retail sales of consumer goods above designated size in the same period. The auto industry played a key role in stabilizing growth of economy and expanding consumption. (Edited by Ma Xin, Bao Nuomin, maxin11@xinhua.org)
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