China to Produce More Autos in 2003

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Last updated at: (Beijing Time) Tuesday, January 21, 2003

China to Produce More Autos in 2003

China's auto industry is expected to continue its rapid growth in 2003, producing 3.6 million vehicles including 1.3 million cars, a Chinese official said at a press conference in Beijing on Monday.

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China's auto industry is expected to continue its rapid growth in 2003, producing 3.6 million vehicles including 1.3 million cars, a Chinese official said at a press conference in Beijing on Monday.

Ma Liqiang, director of the Economic Operations Bureau of the State Economic and Trade Commission, said mergers and regrouping of major Chinese auto corporations in 2002 would substantially increase the industry's capacity. As a result production this yearwould maintain its rapid growth, with the total number of vehiclesrising to 3.6 million from last year's 3.48 million.

The growth of auto industry was likely to prompt a rise in public consumption, with more and more people tending to own cars,he said. Private sales would account for approximately 60 percent of car sales.

But Ma urged caution over blind expansion of the industry, saying that relevant laws and regulations would soon come out to direct investment, consumption, loan management and other aspects of the industry.

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