The Ministry of Commerce recently released a regulation on second-hand auto businesses on its official website, saying that foreign business people are allowed to run second-hand auto business. The Ministry is soliciting comments on the website.

The regulation lowers the second-hand auto market entrance standards and allows foreign business people to enter the market and establish used car companies, said Tuesday's Beijing Morning Post.

The regulation stipulates that as long as a business could legally obtain fixed space and facilities and is able to offer appraisal and insurance services for consumers, it is qualified tosell second-hand cars.

China's second-hand auto market is currently developing sluggishly, selling only one third the cars as new car dealers.

Source: Xinhua