China to be auto industry power in years
(Xinhua)
Updated: 2004-04-06 09:37

China would become a world auto industry power in future years, said Zhang Xiaoyu, vice chairman of China Machinery Industry Federation (CMIF).

Speaking Monday at the 2004 China auto marketing summit, Zhang said that China had seen a booming automobile industry in recent years.

In the past 10 years, China's auto production had grown by 15 percent on average every year, 10 times faster than in western countries, he said, and this year China would yield over 5 million cars, ranking third in the world.

China expected to produce 15 to 18 million cars by 2020, surpassing the United States and becoming would biggest auto producer, said Zhang.

Yet there still remained a lot of room for improvement in China 's auto industry, he said. China should enhance its capacity in developing new types of cars, boost the related spare parts manufacturing, and optimize the after service system.

Car sales, renting, and insurance should also be improved so as to form a complete chain of industry in China, said Zhang.

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