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confident of China auto market GM president confident of China auto market A growing Chinese market in the next 50 years will not only help the automotive industry become an engine for Chnia's economy, but also deliver great opportunities for General Motors to consolidate its leading position in the world's automotive arena, the company's president said Sunday in Shanghai. ``There is no country in the world where you have this combination of an existing large market, with the opportunity to grow so much over the next decade, or two decades,'' said Richard Wagoner, president of GM. ``The opportunity for China to be among, if not, the largest automotive market in the world is obviously likely good over the next twenty to thirty years,'' Wagoner said in an interview with China Daily. Wagoner said he is quite confident that China's auto industry, backed by the huge Chinese market, will grow to support a globally competitive automotive business. The growth of the automobile industry in China has been over a hundred percent during this decade alone. Last year, China sold over 1.6 million units of vehicles. Wagoner is in Shanghai for the Fortune Global Forum that is held today in Shanghai where the company's US$1.52 billion plant, the largest foreign-funded joint venture in China, is located. ``If all that can be accomplished in three short years, I can't image what will be accomplished in 50 years and I am sure it will be quite impressive,'' he replied to a question about his forecasts on the China's development over the next half century. The globalization trend in the world business community is posing a great change and challenge for the automotive industry worldwide. The traditionally economic engine, although keeping high revenues, is also facing tough rivalry from other sectors like telecommunications or Internet-related business that show impressive growth and profitability. Wagoner noted that GM's active investment in China echoes the company's strategy to adapt to the global changes. The company's total investment in China is around US$2 billion, with four joint ventures and one wholly-owned enterprise. ``The reason why we commits significant investment in China is that we do recognize that to grow and to be strong in the business, we need a much bigger position in a growth market like China.'' ``We need to be successful in China,'' he stressed. GM has not been aggressive and successful, historically, in the Asia-Pacific region. ``If we're not successful in China, that will continue. If we are, it provides an opportunity to be effective, not just in China, but throughout the region and the world.'' (China Daily) Photo:G.Richard Wagoner, Jr, president and chief operating officer of General Motors, arrives in Shanghai. [Wu Zhiyi / China Daily] |
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