China’s Ministry Of Commerce To Expand Auto Export Capacity And Encourage Auto Companies To Cooperate With Domestic And Foreign Financial Institutions

On May 25, at the regular press conference of the Ministry of Commerce, Shu Jueting, spokesperson of the Ministry of Commerce, said that China's auto exports have been stable and improving, and the product structure has continued to be optimized.

She pointed out that China's auto export mainly presents three characteristics: First, the scale of trade is gradually expanding. In 2021 and 2022, automobile exports added more than 1 million units for two consecutive years. Automobile export totalled 1.49 million units from January to April 2023, up 76.5% YoY.

Second, the market is increasingly diversified. In the first four months, China exported automobiles to 204 countries and regions around the world, with exports to countries along the "Belt and Road” Initiative at 13.64 billion US dollars, an increase of 1.2 times and accounting for 45.9% of total exports; exports to developed economies were12.41 billion US dollars, an increase of 1.2 times , accounting for 41.8%.

The third is that new energy vehicles made important contributions to the growth. From January to April, new energy vehicles accounted for 42.9% of the total automobile export value, contributing 51.6% to the growth of automobile exports.

Shu Jueting said that China's auto exports are currently showing a rapid growth, but there is still a lot of room for improvement in terms of development quality and efficiency, and there are still some difficulties in transportation security, financial services, and overseas after-sales.

She said that in the next step, the Ministry of Commerce will work with relevant departments to focus on three aspects: First, strengthen transportation guarantees, promote medium and long-term strategic cooperation between automobile companies and shipping companies, and expand the export capacity of automobiles. The second is to encourage auto companies to cooperate with domestic and foreign financial institutions to innovate financial products and services to better meet the needs of enterprises. The third is to support auto companies to improve their international marketing and after-sales service systems, enhance their overseas brand promotion, display sales, and after-sales service capabilities, and establish a good brand image.