China's Auto Market to Keep Booming: GM

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Last updated at: (Beijing Time) Wednesday, December 18, 2002

China's Auto Market to Keep Booming: GM

US auto giant General Motors (GM) believes the Chinese government will continue to fulfill World Trade Organization (WTO) commitments and China's auto market will keep booming.

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US auto giant General Motors (GM) believes the Chinese government will continue to fulfill World Trade Organization (WTO) commitments and China's auto market will keep booming.

Timothy P. Stratford, vice-chairman and general counselor of GM China, said this in Beijing Tuesday at the ongoing 2002 Beijing International Forum on China's WTO Accession.

Stratford held that since China's entry to the WTO, its market environment has become more transparent and standardized, and morelike the international market. For example, China's auto market has become easier to access over the past year.

Before China entered the WTO, he said, there used to be concerns that the WTO entry might badly affect the country's localautomobile industry. However, facts have proved that the sales of homemade cars in 2002 reached a record high. China's automobile industry has benefited from the country's WTO entry.

He also predicted that the year 2003 would see the country's import tariffs further declining and one or several foreign auto companies might be authorized to conduct auto loans in China. China's laws and regulations relating to the auto market would also become more internationalized and transparent.

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