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China enjoyed a strong auction market last year which saw a turnover of close to 300 billion yuan (US$37.9 billion), 30 times that of a decade ago, said the Ministry of Commerce.

The business volume has shot up by an annual average of 120 percent since 1997, when the country's auction law came into effect, said Huang Hai, assistant to the Minister of Commerce, in Beijing on Thursday.

While government-commissioned auctions of materials confiscated by judicial departments used to dominate the country's auction market, other consignors namely financial institutions, state-owned asset managing agencies, enterprises and individuals have carved their share, holding up 47 percent of all deals in the last five years, said Huang.

Meanwhile, more diversified commodities like real estate, stocks and works of art have had their time in the spotlight. At a November auction, the record price for Chinese artifacts was pulverized as an 18th century ceramic bowl was sold at auction for 151 million HK dollars (US$19.42 million).

"Auctioning has developed into a unique and widely-recognized business in China," said Huang, who added that auctions played a bigger role in stimulating domestic consumption.

"However, compared with the international auction industry, the Chinese market is not concentrated enough and needs more professional personnel as well as better business structures and an environment of competition," Huang added.

(Xinhua News Agency January 26, 2007)