China’s Auto Finance Companies Make 271 Billion Yuan in Loans in First Half, Drive over 3 Million in Car Sales

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Auto finance companies in China supported the purchase of more than 3 million vehicles in the first half of 2022, according to figures from the peak body for the Chinese banking sector.

During the period from January to June this year Chinese auto finance companies made 270.987 billion yuan in retail loans, supporting support the purchase of 3.0322 million vehicles, according to figures from the China Banking Association (CBA).

CBA said that auto finance companies were in a position to “use the implementation of measures including preferential vehicle purchase loan policies and greater sales promotions to spur consumer demand for vehicles, and drive the recovery of the automobile sector.”