According to data released by the Ministry of Public Security, passenger car ownership in China reached 120 million by the end of 2012, while the total vehicle population was approximately 240 million. China has also become the world's largest car producer and the largest new car market.
It’s estimated that at its current growth rate passenger car ownership will top 200 million in China by 2020. Moreover, while the current worldwide average car ownership rate is about 120 cars per 1,000 people, in China, the ownership rate is still only 54 cars per 1,000 people. As the rate of ownership continues to increase to the worldwide average, it’s likely that it will result in all sorts of environmental problems and also constrict the world’s crude oil supply.
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