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Via ecns.cn

The country’s car financing market could more than double in the next three years, on the back of a push by dealers to reach sales targets and an anticipated surge in the finance leasing sector, according to estimates from the China Automobile Dealers Association.

The association predicts the overall auto financing market will reach 2 trillion yuan ($307.7 billion) by 2020 in China, 2.5 times the 800 billion yuan scale reported at the end of 2016. It foresees about half of new car sales involving some form of financing.

The world’s largest auto market is expected to maintain a smaller, one-digit growth rate until 2020, after reaching a record high of 28 million sales in 2016, representing 13.7 percent year-on-year growth, according to CADA.