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Foreigners approved to run used car business
(Xinhua)
Updated: 2004-09-29 11:33

The Ministry of Commerce recently released a regulation on second-hand auto businesses on its official website, saying that foreign business people are allowed to run second-hand auto business. The Ministry is soliciting comments on the website.

The regulation lowers the second-hand auto market entrance standards and allows foreign business people to enter the market and establish used car companies.

The regulation stipulates that as long as a business could legally obtain fixed space and facilities and is able to offer appraisal and insurance services for consumers, it is qualified to sell second-hand cars.

China's second-hand auto market is currently developing sluggishly, selling only one third the cars as new car dealers.

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