(Yicai Global) Jan. 22 -- China's new vehicle sales climbed 3 percent to a new high of almost 28.9 million units last year to retain its spot as the world's top car seller.

The second-hand market also grew rapidly and is forecast to have grown about 20 percent to over 12 million, according to data from China's Ministry of Commerce.

The ministry has been accelerating auto market reforms over the past year. It brought in new administrative measures to improve links between makers and distributors and rolled out a pilot program for parallel auto imports, which can benefit the new and used segments.

Parallel imported cars are those which non-authorized traders buy from overseas markets, though the vehicles all meet Chinese requirements for automobile sales. They are often cheaper than automobiles sold at authorized dealers in China.