A local auto industry insider predicts that China's auto market will grow 13 percent growth next year, according to a report from the China's 5th Auto Industry Development Annual Summit in Nanjing.

According to the source, the country will produce approximately 7.8 million units next year, 900,000 more than will be produced this year, as China's macro-economy continues to develop rapidly and steadily and the external environment of the country's auto industry changes for the better.

Driven by the robust growth of passenger cars, China's auto industry has undergone rapid development this year with the total number of units produced expected to reach 7 million, up 25 percent from the same period of last year, said An Qingheng, President of Beiqi Foton Motor Co., Ltd.

The annual growth rate of commercial car ownership will be maintained at 8 to 10 percent and the growth rate of private passenger car ownership is expected to reach 25 to 30 percent as personal incomes are on the rise and more and more Chinese want to have their own cars.

The major reason for the rapid expansion of the passenger car market in China is that commercial car manufacturers are eager to enter the market, said An Qingheng.

By People's Daily Online