Auto output expected to exceed 4 million
( 2003-11-26 09:33) (XInhua)
Auto industry is undergoing a period of booming development, and the total
output this year is expected exceed 4 million sets, said Zhang Xiaoyu, director
of the China Society of Automotive Engineers, Tuesday.
The Chinese government is expected to promulgate a new policy for the
development of the industry next month, Zhang said at an automotive industry
forum.
China's auto industry started in 1953, when the state-owned automaker First
Automotive Works was set up. So far, the enterprises involving foreign capital
have invested more than 30 million US dollars in the industry, and foreign and
private investment accounts for over 50 percent of the total capital of the
sector.
During the past decade, China's annual gross domestic product grew by 9.3
percent on average, and the growth rate of the auto industry was 15 percent.
According to the government's blueprint, the national economy should double
over the next ten years, which means an average annual growth of 7 percent. So
the auto industry will keep an annual growth rate of 5 percent to 10 percent,
and the output of automobiles is predicted to hit 8 million vehicles in 2010,
Zhang said.
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