China Daily is spreading the news that China will become the third largest producer of cars in the world in 2007 after America and Japan. What does this mean? Not a lot really - well yes it does, it shows that China has developed its automobile industry to shove a whole lot of big Asian and European players by the wayside.
China’s auto industry has grown so rapidly in the five years since the nation joined the WTO that it will soon become the world’s third largest auto manufacturer behind the United States and Japan.
Since 2001, China’s annual auto output has tripled and the nation has gone from being the fifth largest car manufacturer in the world in 2002 to the fourth largest in 2005.
Over the last five years, China has fulfilled its commitments to the WTO by adopting a series of measure to further open its auto industry. In the first 11 months of this year, China produced 6.65 million cars, putting it on track to reach 7 million for the year, making China the world’s third largest auto manufacturer behind the United States and Japan. China is expected to sell 6.4 million vehicles this year.
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