China has rolled out new policy measures aimed at expanding consumption through the automotive aftermarket and new energy vehicle promotion. Forty cities have been designated as pilot zones to reform the vehicle circulation system.
According to data from the Ministry of Commerce, China's vehicle fleet has reached 370 million units, with passenger cars aged seven years or older accounting for more than half. This signals a massive opportunity in the aftermarket.
A circular jointly issued by eight departments has designated 40 cities nationwide as pilot zones for vehicle circulation reform. Each city has distinct priorities tailored to local conditions, such as Tianjin focusing on automobile modification and classic car events, and Shenyang on used car circulation.
Retail sales in the auto sector plunged 16.1 percent year-on-year in May, the sharpest decline among major categories. Total retail sales of consumer goods fell 0.6 percent year-on-year to 4.1 trillion yuan.
This year's new energy vehicle rural promotion campaign features 155 models, up more than 25 percent from last year. NEV penetration has surpassed 60 percent in first- and second-tier cities but remains below 20 percent in rural areas.