China targets car aftermarket barriers in bid to boost consumer spending
Beijing to launch reforms, echoing an earlier proposal that called for easing purchase restrictions on cars
Commerce vice-minister Sheng Qiuping said the ministry would launch pilot reforms in car sales and distribution, encouraging qualified cities to conduct trials to boost consumption in the automotive aftermarket, according to a statement released on Friday following a recent symposium.
“The Ministry of Commerce will work with relevant departments to remove restrictive measures in the automotive aftermarket, further unleashing its consumption potential,” the statement quoted Sheng as telling the symposium.
Representatives from local governments, enterprises and industry associations attended the meeting in Beijing on Wednesday, which covered topics including car modification, recreational vehicle camping, motor sports, classic cars and automobile museums.
Sheng noted that the reforms were in line with a proposal released in March aimed at boosting consumption and driving economic growth. It called for expanding automobile-related spending, including car modification, leasing and motor sports, while strengthening the used car market through streamlined registration and improved data sharing.
According to Wang Liusheng, chief automobile analyst at China Merchants Securities, regional disparities in vehicle emission standards are a major barrier to used car circulation.