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China has more than 300 million registered cars by the end of this year 2021

China, the world’s largest auto market, is expected to have more than 300 million vehicles registered by the end of this year, according to Shi Jianhua, deputy secretary-general of the China Association of Automobile Manufacturers.

At the Global Manufacturing Forum held in east China’s Anhui Province, Xi said that by the end of last September, China already had 297 million registered cars.

The Chinese auto market will continue its stable growth in the future, with a projected average annual growth of 4 percent over the next five years to 2025, Xi said.

During the forum, which also focused on the development of the new energy vehicle industry, experts said that China’s auto market is the largest in the world, and it has led the global market for several consecutive years in terms of automobile production, sales, and acquisitions.

Statistics show that from January to October, the cumulative volume of production and sales of new energy vehicles increased by about 1.8 times year on year in China. New energy vehicles represented 11% of total vehicle sales.

A report on China’s new energy vehicle industry was released during the forum, which said that after nearly 20 years of development, China’s new energy vehicle industry has entered the stage of market-driven growth and is moving towards a new stage of high-quality development.