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China the 4th largest auto production base
www.chinanews.cn 2006-03-17 14:19:15
Chinanews, Mar.17(By Ruan Yilin) - International authoritative credit
rating organization Standard & Poor's released in its latest report that
western auto enterprises' transferring their businesses to the east has
changed the auto production structure of the globe. At present, China has
outrun South Korea and France and become the 4th largest auto production
base in the world.
The report points out that all leading foreign automakers have entered
China and the number of auto enterprises in the Chinese arena has
exceeded 100. Besides exports to China, more multinational companies have
started to build assembly and production factories in the country,
generally through establishing joint ventures with Chinese partners.
Because of active personal purchases, China's auto market recorded an
explosive increase in 2002 and 2003. The report estimates that China's
ever-increasing purchasing power will effectively sustain growth of its
market. At present, only 1% of of-age Chinese people own cars. In the
coming few years, sales volume in the Chinese auto market will increase
at least 10% to 15% per year.
As the report says, Chinese automakers' plan to set up companies in
Eastern Europe in the coming five years indicates that the most powerful
Chinese auto enterprises will not be satisfied with securing their status
in the domestic market. They will compete with western counterparts by
means of export or setting up production plants overseas.
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