China, The Next Auto Powerhouse»

China will become a world auto industry power in the near future, according to Zhang Xiaoyu, vice chairman of China Machinery Industry Federation (CMIF). Speaking at the 2004 China auto marketing summit on April 5, Zhang said that China has seen a booming automobile industry in recent years.

In the past 10 years, China's auto production had grown by 15 percent on average every year, 10 times faster than in western countries, he said, and this year China will yield over 5 million cars, ranking third in the world. China expects to produce 15 to 18 million cars by 2020, surpassing the United States and becoming the world's biggest auto producer, said Zhang.