BEIJING, Jan. 25 (Xinhua) -- China saw a brisk auction market last year with a turnover of nearly 300 billion yuan (37.9 billion U.S. dollars), 30 times the amount of ten years ago, said the Ministry of Commerce.

The business volume has been growing by more than 120 percent annually on average since 1997, when the country's auction law came into effect, said Huang Hai, assistant to the Minister of Commerce, here on Thursday.

While government-commissioned auctions of materials confiscated by judicial departments used to dominate the country's auction market, other consignors such as financial institutions, state-owned asset managing agencies, enterprises and individuals have taken 47 percent of the total deals in recent five years, said Huang.

Meanwhile, more diversified commodities like real estate, stocks and works of art have been put on the block.

"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 said.