Private Vehicles in China Now 12 Million
The number of private vehicles in China now stands at
12 million. Assuming current rates of growth, China's
demand for motor vehicles will reach 5.90 million units
in 2005, increase to 10 million units in 2010 and further
to 17 million units in 2020, which is equal to the consumption
scale of the United States in 2004.
The figures were released by the National Bureau of Statistics,
a state agency. Based on the information, China had more
than 24 million motor vehicles in registration for civilian
use by the end of 2003, of which 12.19 million were privately
owned.
The Chinese definition of private vehicles is different
from most other countries, and includes buses and trucks
which are operated by private individuals. Taxicabs, which
are often owner-operated, are also counted as private
vehicles. Taxi companies which operate their own fleet
of taxis are only present in the larger cities, such as
Beijing and Shanghai.
Beijing is leading China in private ownership of motor
vehicles. By the end of July this year, 2.22 million units
were registered in Beijing, including 1.48 million privately
owned, and 1.04 million privately owned small vehicles
(including passenger cars and SUVs). Based on the population
of 14.50 million, Beijing's average ownership of vehicles
is about 14 persons or five families per unit.
Vehicle ownership stands at about one unit for every
20 families in Nanjing, capital city of East China's Jiangsu
province.
China is still far behind some countries in private ownership
of vehicles, at less than 20 units per 1,000 persons as
compared with 600 units per 1,000 persons in developed
countries. The ownership of cars for personal use is even
smaller, indicating a big potential market for development
of automotive industry in China.
Strong vehicle demand in China has accounted for a rise
in oil prices on international markets. Oil reserves are
tight, and production is expected to fall in coming years.
Current oil consumption is 81.2 million barrels a day,
and is expected to climb to 84 million barrels a day in
2005, according to the International Energy Agency (IEA).
This is up from the 82.6 million barrels a day projected
three months ago. More than one year ago, a projection
of 84 million barrels a day was made for 2007 or 2008.
Increased oil demand from China accounts for a 2.5 million
barrel a day increase in demand in the new IEA projections.
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