China’s Ministry of Commerce announced on Thursday its plans to implement further measures aimed at encouraging vehicle exports, emphasizing on improving vehicle quality and fostering cooperation between auto producers and financial institutions both domestically and internationally.
This move follows China’s recent rise to the largest auto exporter globally in the first quarter of this year, overtaking long-standing leader Japan. Data from the China Passenger Car Association revealed that China exported 1.069 million vehicles in Q1 2023, marking a significant 54 percent YoY growth.
Japan’s vehicle exports trailed behind at 1.047 million within the same timeframe, illustrating a historical shift in the global auto market. This milestone suggests that China is poised to be the world’s largest auto export market in 2023, as projected by market analysts.
Shu Jueting, spokesperson for MOFCOM, shared detailed plans on strengthening transportation security, advocating strategic cooperation between auto and shipping companies, and encouraging shipping firms to enhance their shipping capacity. Additionally, they would support auto companies in innovating financial products alongside domestic and international financial institutions, with a focus on improving international marketing and after-sales service systems.
China’s robust auto export growth has remained steady over recent years. The year-on-year increment in auto exports surpassed one million for two consecutive years in 2021 and 2022, with a remarkable 76.5 percent increase from January to April in 2023 alone.
Moreover, China’s auto exports have reached 204 countries and regions within the first four months of 2023. Exports to countries participating in the Belt and Road Initiative totaled $13.64 billion, a 1.2-fold increase accounting for 45.9 percent of total exports. Similarly, auto exports to developed economies amounted to $12.41 billion, a 1.2-fold increase representing 41.83 percent of total exports.
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