Automobile demand in China is forecast to reach 4 million units
this year. Sales of vehicles made in China will amount to between
3.7 and 3.9 million units this year, an increase of around 20
percent from a year earlier, said the China Association of
Automobile Manufacturers.
In
2002, sales increased by 36.65 percent year-on-year to 3.25 million
units, said the association.
Sales of domestically made passenger cars will amount to 1.4 to 1.5
million units this year, up from 1.13 million last year, according
to the association.
Sales of domestically made trucks are expected to reach 1.25 to
1.35 million units this year, the association said. Sales of
domestically made buses are expected to reach 1.3 million units in
2003.
``The market is expected to maintain a robust growth momentum this
year thanks to China's sustainable development, increasing private
car buyers and improvements of auto consumption environment,'' said
Xu Changming, an analyst with the State Information Center.
Xu
predicted the volume of China's vehicle market will surpass that of
France and rank fourth in the world this year.
He
predicted China's vehicle imports will increase to between 150,000
and 180,000 units this year from around 120,000 last year as a
result of the nation's further tariff cuts and a bigger import
quota.
Earlier this month, China cut its tariffs on vehicle imports from
83.8-50.7 percent to 38.2-43 percent as part of its commitment to
the World Trade Organization.
The nation will offer a total vehicle import quota of US$9.1
billion this year, up from US$7.9 billion in 2002.
``However, vehicle imports will not have a big impact on the
domestic market and on China's auto industry,'' Xu said.
Turnover of China's auto industry as a whole will total 770 billion
yuan (US$92.8 billion) this year, up from 646.5 billion yuan
(US$77.9 billion) last year, the association predicted.
The industry's profits will increase to 60 billion yuan (US$7.23
billion) this year from 43.1 billion yuan (US$5.19 billion) in
2002, according to the association.
But the association revealed four of China's 16 key State-owned
automakers were still in the red last year -- Beijing Automotive
Industry Corp, Tianjin Automotive Industry Corp, Jinbei Automobile
Co and Nanjing Automobile Group.
(People's Daily January 20, 2003)