China Becoming Global Leader in Auto Production
2009-06-15 Source：english.chinabuses.com
Summarize：With the recession rapidly deflating worldwide exports since early last fall, China turned its mammoth industry toward encompassing another major chunk of its 1.4 billion strong population into its fa ...
With the recession rapidly deflating worldwide exports since early last fall, China turned its mammoth industry toward encompassing another major chunk of its 1.4 billion strong population into its fast-growing consumer sector.
Most remarkably, China will produce 10.8 million cars and light trucks this year.To underscore this new manufacturing dominance, Chinese plants shipped more autos than any other country in the world during this year's first four months.
With China's $600 billion stimulus plan accelerating domestic consumer demand, new car buyers in China face increasingly longer waiting periods.
To keep the pot boiling, the progenitors of Beijing's stimulus plan are concentrating on the domestic auto industry, cutting purchase taxes for cars with small engines and providing subsidies to rural purchasers.
China's government has vowed to boost nationwide vehicle sales 10 percent annually for three more years and is focusing on the most successful and profitable producers. Even more remarkable is that nearly 70 percent of Chinese buyers are purchasing their first car, and more than 80 percent pay cash.
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