World auto giants are expected to purchase as much as 50 billion US dollars worth of auto parts and components in low production cost countries before 2007, with 70 percent from China, according to predictions made by the Customs Administration of Shenyang in northeast China.

This, plus the surging domestic demand, would bring a tremendous opportunity for Chinese auto parts and components factories, industry sources said.

Shenyang, one of China's major auto parts production bases, exported 92.65 million US dollars worth of vehicles and auto partsand components last year, 45.9 percent higher than that of 2003. The cars and parts were exported to more than 70 countries, Shenyang Customs said.

China's auto parts and components production mainly serves the country's fast developing auto market, which has attract the world's famous automakers such as GM, Diamler-Chrysler, BMW and Toyota.

To seize the opportunity and increase exports, China's auto parts factories have to improve their technology and expand production scale, said industry sources.

Source: Xinhua