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Article: Private Car Owners on Rise in China
- Article from:
- Xinhua News Agency
- Article date:
- February 12, 1999
CopyrightCopyright 1999 Xinhua English Newswire. Provided by ProQuest LLC. (Hide copyright information)
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Over 45 percent of the motor vehicles sold in 1998 in China went
to private buyers and farmers accounted for the largest proportion.
Last year, China turned out 1.62 million motor vehicles,
including
over 500,000 cars, putting the number of private vehicle owners at
12
million.
The private car market is demonstrating huge potential, as the
bank savings in the country hit 5.34 trillion yuan (643.37 billion
U.S. dollars) in 1998.
A recent survey shows that 70 percent of the families in
Guangzhou, Beijing, and Shanghai intent to buy cars within the next
five to ten years. In 1998, individual buyers accounted for 89
percent of the cars sold by two major car dealers ...