China will take more measures to encourage vehicle exports, China's Ministry of Commerce said on Thursday, highlighting that the measures including strengthening vehicle quality and encouraging auto producers to cooperate with domestic and foreign financial institutions in offering financial products.
The remarks came after China become the largest auto exporter in the first quarter this year, surpassing Japan.
Data from the China Passenger Car Association showed that China exported 1.069 million vehicles in the first quarter this year, representing a year-on-year growth of 54 percent.
In comparison, Japan's car exports in the same period stood at 1.047 million. This means that in the first quarter, China's auto exports surpassed Japan, which was used to be the world's largest auto exporter, for the first time.
The rapid growth of auto exports has led market analysts to forecast that China will likely become the world's largest export market in 2023.
"We will strengthen transportation security, promote medium and long-term strategic cooperation between auto and shipping companies, and encourage shipping companies to increase their shipping capacity" said Shu Jueting, a MOFCOM spokesperson on Thursday.
"We will also encourage auto companies to cooperate with domestic and foreign financial institutions to innovate financial products to better meet the needs of enterprises, and support auto companies to improve their international marketing and after-sales service system", Shu added.
China's auto exports have maintained a stable footing over recent years. The increment of automobile exports was more than one million for two consecutive years in 2021 and 2022, with China exporting 1.494 million automobiles in 2022, a year-on-year increase of 76.5 percent from January to April this year, Shu said.
China's auto exports have extended to 204 countries and regions over the first four months of 2023, with exports to countries along the Belt and Road Initiative hitting $13.64 billion, a 1.2-fold increase, accounting for 45.9 percent of total exports. Meanwhile, auto exports to developed economies amounted to $12.41 billion, representing a 1.2-fold increase, accounting for 41.83 percent of total exports, MOFCOM said.
（Picture: Veer）
