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China plans to be among top 3 automakers
(Agencies)
Updated: 2004-12-19 09:03

By 2010, China plans to be among the top three largest automakers, according to China's 11th Five-Year Plan, officials said.

By the end of the decade, the added value of the automobile sector will make up 5 percent of China's gross domestic product, while the sector's export value is to surpass $50 billion, the economic blueprint says.

As part of the efforts to join in economic globalization, all major Chinese automakers have accelerated regrouping or mergers, said Shen Ningwu, deputy secretary-general of the China Association of Automobile Industry.

For example, the Shanghai Automotive Industry Corporation built 60 joint ventures in 11 countries including Germany, Japan, Sweden and Italy, Xinhua, China's main government-run news agency, reported Saturday.

The Chang'an Automobile Group has built three auto production facilities in Chongqing, Nanjing cities and Hebei Province.

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