China's used vehicle sales up 14.88% in 2023

Customers browse cars at a used car showroom in Taizhou, Zhejiang province. [Photo by Jiang Qinyou/China News Service]

BEIJING - China's used vehicle sales climbed 14.88 percent in 2023 as the market demonstrated strong development resilience with policy support, industry data showed.

More than 18.41 million used vehicles were traded in the country last year, with a total transaction value nearing 1.18 trillion yuan ($165.81 billion), according to the China Automobile Dealers Association.

In 2023, China's used vehicle market showed strong resilience, with the transaction scale expanded and cross-regional circulation continuously improved under the support of policy measures on removing hurdles in the sector, said the association.

It also stressed the market's important role in activating the country's automobile stocks, stimulating new car consumption, and satisfying consumer demand at different levels.