Ten Chinese cities will be able to export second-hand cars to global markets, , according to a statement from the Ministry of Commerce.
Beijing, Tianjin, Shanghai, Taizhou in Zhejiang province, Jining and Qingdao in Shandong province, Chengdu in Sichuan province, Xi’an in Shanxi province, and Xiamen in Fujian province and Guangdong province are the first batch of 10 regions allowed to conduct such trade.
Industrial data showed that about 13.82 million used cars were traded in China last year, less than half of the new vehicles sold. In comparison, trading volume of used cars are about two times of new car sales volume in developed countries. The second-hand car export market has huge growth potential, the statement said.
Analyst estimated that used car exports may realize about 60 billion yuan in export value if the market was fully opened up. In addition, such trade will generate higher auto parts exports and maintenance service exports.
Earlier, a guideline was released in late April which required the development of sound inspection and after-sales services for second-hand car exports. The commerce ministry will work with the Ministry of Public Security and the General Administration of Customs to improve regulations and services to support the sector, it added.