China aims to increase exports of automobiles and automobile components to US$70 billion by the end of 2010, said an official with the Ministry of Commerce.

 

In the first half of 2006, China exported 34,500 units of sedans, surpassing the total export volume of 2005, and now exports to 207 countries and regions, China Automotive News reported.

 

From 2000 to 2005, China averaged 40 percent growth in auto and auto component export volume per year, with exports of complete vehicles growing at a rambunctious 70 percent per year.

 

Last year, the country's car and auto parts exports hit US$10.9 billion, up 34 percent on the previous year.

 

However, to put this impressive growth into perspective, it needs to be remembered that China's market share in world automobile and automobile component exports is less than 1 percent.

 

(Xinhua News Agency September 20, 2006)