Minister quantifies China’s auto industry growth

China’s automobile output and sales will both surpass 19 million units in 2012, the country’s minister of industry and information technology predicted on Tuesday at an industry conference.

The country’s auto output and sales grew at an annual pace of over 20 percent from 2000 and 2010, Miao Wei said.

In 2009, China overtook the United States as the world’s biggest auto market in terms of sales volumes after the central government introduced tax incentives for small cars with engine sizes of 1.6 liters or less.

Vehicle exports have also soared during the past five years, rising 21.3 percent annually. “China will likely meet its export target of one million vehicles this year,” according to Miao.

China exported 760,000 vehicles during the first nine months, up 22.9 percent year on year.

However, auto sales in China have slowed in recent months due to a sluggish domestic economy and stringent government policies on vehicle registration.

Auto sales rose by a mild 3.56 percent year on year in the first 10 months of 2012, while output increased by 4.56 percent over the previous year, according to the China Association of Automobile Manufacturers.

Xinhua

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