China's Automobile Output Could Hit Four Million: Expert

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Last updated at: (Beijing Time) Friday, July 18, 2003

China's Automobile Output Could Hit Four Million: Expert

The number of motor vehicles produced in China this year could reach four million, including 1.5 million cars, a leading industry authority said here Friday.

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The number of motor vehicles produced in China this year could reach four million, including 1.5 million cars, a leading industry authority said here Friday.

Cai Weici, who is deputy president of the China Machinery Industry Association, said the country's auto industry had grown quickly in the first half of this year and would continue to do so in the second half.

From January to June, the output of the sector nationwide totaled 430 billion yuan (51.9 billion US dollars), accounting for37.7 percent of the whole machinery industry.

In the first five months, automotive sector profits reached 24.6 billion yuan (2.9 billion dollars), representing 58.4 percent ofthe total machinery industry.

Car production played a leading role in pushing the growth of the auto sector, said Cai, but he added that the sector was facingfierce competition which could slow down growth.

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