China is witnessing a booming used vehicle market, as international buyers have shown a growing interest particularly in new energy vehicles (NEVs), leading a transformative shift in the nation's automotive landscape.
According to the latest data from the China Automobile Dealers Association (CADA), in September, the used car market in south China's Guangdong Province experienced a notable increase in daily transactions compared with that in August, largely fueled by foreign buyers.
At the largest used car trading market in Guangzhou City, the preference for Chinese cars, especially electric models, has been evident among foreign merchants from Central Asia, the Middle East, and Africa.
"I choose only Chinese car in this market, because the Chinese car no problem with mechanical. It's cheaper and technology is better. We have just three or four brands in Africa, but here I see many many Chinese brands. I think getting a new model to African markets is good," said Benaddane Amine, an Algerian merchant.
The enthusiasm of foreign customers has brought new opportunities to local businesses. Wen Jiale, a local used car dealer, observed a shift in customer demographics since July.
"We can clearly feel that since July, many new energy vehicles have been purchased by foreigners, as about 30 to 40 percent of our customers are those from abroad," said Wen.
Amid a market shift towards more affordable and advanced vehicles, factors such as price reductions for new cars and restructuring of used car supplies are contributing to a continuous decline in used car prices.
Data from the Guangdong Automobile Circulation Association indicates that from January to August this year, the average transaction price of used cars fell to less than 66,000 yuan (about 9412.3 U.S. dollars), a decrease of 3.5 percent year on year.
"The overseas market is currently dominated by high-priced used cars from the United States, giving Chinese used cars a competitive advantage. The price of a used vehicle exported from the U.S. might triple in other countries, while that of such a vehicle from China would only increase by about 1.1 times. So I see a promising market," said Lin Jiawei, another used vehicle dealer.
In March of this year, the country fully liberalized the registration application of used car export enterprises, leading to explosive development in Guangdong's used car exports. The number of exporting companies has jumped from 21 at the beginning of the year to over 150 now.
Foreign buyers promote China's used vehicle market
NPC Deputies from east China's Jiangsu Province vowed to make greater contributions to the overall development of the nation after Chinese President Xi Jinping joined them in group deliberations on Thursday.
Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, took part in the deliberation with his fellow deputies from Jiangsu during the fourth session of the 14th National People's Congress (NPC), China's national legislature.
During the discussions, deputies from various sectors shared their experiences and spoke on a wide range of topics, including agriculture, technological and industrial innovation, education and talent training, and rural governance.
"I felt extremely excited today to be able to meet face-to-face with the General Secretary and report to him on Huai'an's economic and social development over the past two years. In recent years, we have vigorously cultivated the development of the crayfish industry in line with the requirements for developing local specialty products. In Xuyi County, one-sixth of the population is engaged in this profession. When I reported to the General Secretary a moment ago, I shared some good news with him. The 'Xuyi No. 1' crayfish has achieved growth of more than 18 percent in both yield per mu (about 0.067 hectare) and individual weight. Crayfish farming has provided more employment opportunities for our labor force and promoted income growth for residents," said Shi Zhijun, secretary of the CPC Huai'an Municipal Committee.
"I reported to the General Secretary on the integration of technological innovation and industrial innovation. The General Secretary attached great care for Soochow University. For our emerging industries and future industries, one important focus is developing commercial aerospace. We are now working together with industry partners to address this issue, hoping that Soochow University will achieve coordinated development with Suzhou's social economy in the future, and make greater contributions particularly to developing new quality productive forces," said Zhang Xiaohong, Party Secretary of Soochow University.
"I reported to the General Secretary on the achievements our team has made in breeding wheat resistant to Fusarium head blight. We have successively developed highly resistant varieties including Yangmai 33 and Yangmai 53, covering two directions of high-quality wheat development. Chinese bowls must be filled with Chinese grain. We must continue our efforts to ensure stable growth of national grain production and guarantee food security," said Gao Derong, a researcher at the Institute of Agricultural Sciences for Lixiahe Region under the Jiangsu Academy of Agricultural Sciences.
"Today, I feel extremely honored and excited to report to the General Secretary on the changes and development of our Desheng Village over the years. The General Secretary inquired about Party organization building, industrial development, social development, and environmental governance. For rural areas, we must first develop industries so that people can benefit substantially from this process. Meanwhile, the building of civilized rural customs must be advanced in parallel," said Yang Hengjun, head of Desheng's village committee.
In the deliberation, Xi has called on economic powerhouses like Jiangsu to redouble efforts to gain experience in analyzing new situations and solving new problems.
Deputies say they will implement the General Secretary's instructions and strive to make new achievements. "Today, the General Secretary, on the one hand, spoke positively of Jiangsu's contributions as an economic powerhouse, shouldering heavy responsibilities during the 14th Five-Year Plan period. On the other hand, he put forward new requirements for Jiangsu in terms of developing new quality productive forces in line with local conditions to enhance economic resilience, and in continuously strengthening common prosperity for the people. As an NPC deputy, I will earnestly study and implement the General Secretary's important instructions upon my return, so that Huai'an's modernization process can advance on a more solid foundation," Shi said.
"Universities, especially research universities, as national strategic scientific and technological forces, must do well in basic research and application. As an important base for talent cultivation, we must establish mechanisms for integrated development of education, science and technology, and talent, and cultivate top innovative talents. We will implement the General Secretary's instructions through these efforts," Zhang said.
NPC deputies from Jiangsu vow to make greater contributions in national development
