According to statistics provided by China Machinery Industry Federation China's export of auto products grew 56 percent from January to June while import fell 24 percent, with whole-car export for the first time surpassing import.

A report released by the federation on July 26 says China's auto production is expected to reach 5.5 million in 2005, among which sedans would reach 2.5 million. Despite its rapid growth in quantity the total amount of China's auto export remains small, since although the average unit price of imported cars is $30,000 the figure for exported cars is only $3,500.

On the basis of three consecutive years' fast growth China's machinery industry still maintained a two-digit growth speed in the first half year, realizing industrial added value of 497.957 billion yuan, 17.78 percent higher than in the same period of last year. Total value of foreign trade reached $102.4 billion, increasing by 14 percent year on year. Export saw a 36 percent on-year growth while import leveled with that in last year. Foreign trade deficit narrowed by 66 percent.

According to experts the annual growth rate of the machinery industry would range from 15 percent to 20 percent and China's machinery industry would enter a steady growth period after three years of fast growth.

By People's Daily Online