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China Wants to Build a $306 Billion Used-Car Market From Scratch
Bloomberg 1/6/2021 Katrina Nicholas
(Bloomberg Businessweek) Although China has more than 270 million vehicles on its roads, only an estimated 15 million secondhand models were sold in 2019. That’s in sharp contrast to places such as Australia, the U.K., and the U.S., where people buy more used cars than new ones. So policymakers, intent on stimulating domestic consumption, want to change that. China is aiming to double the size of its secondhand-car market to about 2 trillion yuan ($306 billion) by 2025. To get there, Beijing has slashed taxes on used-car dealers, in May reducing the levy to 0.5% from 3% far less than the 17% tax on new vehicles. It’s also making it easier for dealers to trade used cars among themselves by classifying a secondhand vehicle without a license plate as a commodity rather than a personal asset, which simplifies the transaction. “The used-car-trading business i