China's auto industry capital, technology and market show three new trends

The reporter learned from the high-level symposium on China Automotive and International Market held in Beijing recently that, with the rapid development of the private car-led market, China’s automobile industry is rapidly becoming an important part of the world’s auto industry and capital has emerged. There are three major trends: diversification, technological diversification and market integration. Zhou Kai, deputy secretary-general of the China Federation of Machinery Industry, said in a speech entitled "Development Trends of China's Automobile Industry in the New Century" that in 1994, China had more than 9 million civilian vehicles, of which only 2 million were private cars. By 2003, there were 24 million civilian vehicles and 12 million private cars. Private car ownership increased sixfold in 10 years, including various models such as trucks, buses and cars. Zhou Kai said that at present, China’s automobile industry has become an important part of the world’s automotive industry. Not only is China’s auto industry capital and automotive technology, China’s auto market has also become an important part of the world’s auto market, and it is the fastest growing market. . He said that the major auto companies in China have been reformed and listed, and quite a few companies have established a modern enterprise system and realized capital diversification. Major domestic automobile and component manufacturing companies have attracted large amounts of foreign capital and have entered the capital market for financing. FAW Group, China’s largest auto company, has established joint ventures with multinational automobile groups such as Germany’s Volkswagen, Audi, and Japan’s Toyota, and it has three domestic listed companies, forming diversified property rights. As the world's major multinational corporations in automobile and parts have entered China, they have attracted a large number of advanced technologies and promoted the diversification of China's auto industry technology. At present, domestic automotive technology, in addition to a few areas, has basically reached the level of synchronization with the international community. With the country's cancellation of import car quotas and further reduction of automobile tariffs and opening of service trade, the Chinese auto market is becoming more and more open, and it has also accelerated the integration process of the auto market. The "China Automotive and International Market" high-level seminar was organized by the China Automobile Engineering Society and organized by the China Council for the Promotion of International Trade Promotion Center. Nearly a hundred people from the domestic auto circle and some countries’ envoys to China attended the meeting. (International Finance News)

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