China's auto demand to reach 20 mln in 2020

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Last updated at: (Beijing Time) Friday, January 23, 2004

China's auto demand to reach 20 mln in 2020

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China's demand for automobiles in 2020 is expected to reach 20.74 million units, including 20.43 million sedans, and the total number of cars in China by then willtop 156 million, reported Tuesday's China Automobile News.

The paper quoted the Development Research Center (DRC) of the State Council, China's cabinet, as saying that the forecast was given on the basis of an eight percent GDP growth rate.

China will keep a sustainable, steady and rapid growth of sedandemand within the next 20 years or even longer, and household carswill become the most important pulling force for China's sedan sector and the mainstay of China's auto industry, the DRC predicted.

Meanwhile, the growing disposable income for Chinese will serveas a driving force to boost China's sedan demands, the DRC said.

Statistics show that in the past year, China produced 4.44 million autos and sold 4.39 million, a net increase of over 1.1 million for both, or a yearly rise of 35.2 percent and 34.21 percent respectively.

In 2003, sedan production registered a record two million units,a net increase of more than 910,000 units, or up 83.25 percent year-on-year. Meanwhile, sedan sales reached 1.97 million, up 75.28 percent.

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