China's automobile industry has formed a diverse and well-equipped industrial system.

Characteristics of China's automotive industry

After years of development, China's automobile industry has formed a diverse and well-equipped industrial system, with a long industrial chain, wide coverage, and numerous upstream and downstream related industries, playing a very important role in the development of China's national economy.

Stable growth in production and sales volume of China's automotive industry

According to statistics from the National Bureau of Statistics and the China Association of Automobile Manufacturers, China's automobile production and sales in 2023 were 30.161 million and 30.094 million respectively, ranking first in the world for fifteen consecutive years. During the period of 2012-2016, China's automobile production and sales achieved significant growth, with automobile production increasing from 19.2718 million to 28.1188 million and sales increasing from 19.3034 million to 28.0282 million, becoming the main growth point of the global automobile industry. During the period of 2018-2020, due to the comprehensive withdrawal of preferential policies for vehicle purchase tax, the decline in macroeconomic growth rate, and the severe situation of foreign trade, China's automobile production and sales have declined. In 2021-2022, with the recovery of the domestic supply chain and the support of various consumption promotion policies, the domestic automobile market accelerated its recovery, and China's automobile production achieved year-on-year growth, ending the continuous three-year decline since 2018.