According to Jiang, the country's current oil shortage will significantly be eased as the Ministry of Finance starting levying zero import tariffs on diesel oil and jet fuel starting July, following the International Energy Agency's strategic oil release, a move aiming at easing supply disruptions in Libya.
"Stable oil prices will buoy consumer confidence," Jiang said, adding that the auto exports, which are estimated to increase 50 percent year-on-year in the first half of the year, will continue to expand at such a rate in the second half.
China's auto sales, predicted to grow around 6 percent this year, surged more than 32 percent year-on-year to hit 18.06 million last year, making the country the world's largest auto market for the second year in a row.