Gasgoo.com (Shanghai March 19) - China Association of Auctioneers and the Ministry of Commerce’s Department of Circulation Industry Development jointly released a auction bluebook for the year 2014 earlier this week, Economic Observer News reported today. According to the book, growth in the auction industry fell noticeably due to macroeconomic factors. Auctions in the country generated a total of 555.64 billion RMB ($90.81b) last year, down 20.6 percent from 2013. Enterprises’ profits grew 55.6 percent, down nearly 7 percent points from the previous year.
According to the bluebook, there were a total of 12,807 automobile auctions held in China last year, generating 7.49 billion RMB ($1.22b), a record figure that represents an increase of 25.8 percent from 2013. Government policies aimed at stimulating growth have been cited as the major factor behind the growth of second-hand sales in the automotive market.
