Xinhua News Agency says that China’s automobile market should reach 6.4 million this year and is forecast to top 15 million in 2008, accounting for one quarter of the present world’s total demand. The report cites sources with the China Council for the Promotion of International Trade (CCPIT).
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Yu Jianlong, an official with CCPIT made the remarks on September 6 at a forum being jointly held by auto parts makers of China and the Republic of Korea (ROK).
Every 1,000 Chinese possess four autos, while every 1,000 people from the Republic of Korea (ROK) own 132 automobiles, he said.
Yu also noted that on the basis of surging demand, China’s auto manufacture level has kept on improving, with new forged production chains and improved product quality.
He added that China has seen improved industrial competition capability in automotive components, with more export products. The country has seen 2.6 billion US dollars worth of auto parts export in 2004, a rise of 73 percent over the preceding year, he said.
