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Auto Industry Expected to Gain Profits in South China
The automotive industry in Guangzhou, the capital city of Guangdong Province, south China, is expected to make a profit of 800 million yuan this year after suffering from losses in the past several years.
Industry insiders attributed to the upbeat development mainly to the restructuring and reorganizing of the automobile plants in the city, focused on cooperation with Japan's auto giant Honda Motor.
They predicted that by 2005, the output value of the local automotive industry will jump to 50 billion yuan from the current 15 million yuan, becoming a pillar industry of the city.
Guangzhou is a one of the largest automobile manufacturing centers in China, with Honda automobiles as its main product.
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