China to become world's second largest auto market

It was announced on November 6 that China's auto market will surpass Japan's to become the second largest in the world before the end of this year.

The number of private car owners in China has increased to 58.5 percent of the population from 15.8 percent during the 15 years, said Zhang Zhengzi, an engineer at China's Automotive Technology & Research Center (CATRC).

China's per capita GDP was US$1,700 in 2005. In certain regions, the GDP has already exceeded US$3,000, and China has been stepping into an automobile age. Many people now want their own car.

China's auto market is expected to overtake the United States' to become the world's largest by 2020.

By People's Daily Online