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China May Encourage Automakers to Set Up Financing Businesses

China may encourage carmakers to set up auto financing businesses to boost vehicle sales, an official at the State Information Center said.

The government is considering policies that would promote the use of car loans, Xu Changming, a research director at the government advisory agency, said at a conference in Beijing today.

The proportion of automobiles bought on credit in China is 10 percent, compared with 85 percent in the U.S. and 65 percent in India, Xu said.

Vehicle demand may rise 17 percent to 16 million this year in China, the world’s largest car market, and annual demand may eventually exceed 30 million, he said.

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