Car production in China grew 80% in 2003 with domestic car sales rising nearly 70% over the year before.
PRCDirect, the Chinese marketing research company, has completed a survey of auto parts manufacturing operations in China.
During 2003 the total import to China of cars and car parts grew 86% over 2002. China now ranks fourth in automobile production and third in automobile sales in the world.
PRCDirect stated, “Not only do foreign auto parts makers seeking suppliers now have a selection of resources to choose from but this shows that the state ingredient in the industry is abating and that the door is open to different business models.”
China's emergence as a major auto parts manufacturing centre shows no sign of slowing down either. It's being further supported by a reduction in import tax rates for parts. Tariffs have been halved creating favourable conditions to stimulate the growth of the segment to the industry.