China's vehicle ownership reaches 370 million: commerce ministry

(ECNS) -- The number of vehicles in China has reached 370 million, while the country's auto sales have ranked first globally for 17 consecutive years, China's Ministry of Commerce announced on Tuesday.

Speaking at a press conference held by the State Council Information Office, Vice Commerce Minister Sheng Qiuping described the automotive industry as a strategic pillar of the national economy and a key driver of consumption, investment and livelihoods.

Sheng said automobile retail sales account for about 10% of China's total retail sales of consumer goods, while the sector accounts for approximately 6% of both manufacturing investment and goods exports.

In recent years, China has not only become the world's largest automobile consumer market, but has also ranked first globally in new energy vehicle production and sales, vehicle exports, and the global sales of China's automakers, Sheng said.

He added that as living standards continue to improve, automobiles are evolving from simple means of transport into "intelligent mobile living spaces." The rapidly expanding automotive aftermarket, driven by vehicle use and related services, is expected to offer significant growth potential in the years ahead.

(By Gong Weiwei)