China's automobile demand reaches 6.4 million this year, and will be hopefully top 15 million in 2008, accounting for one quarter of the present world's total demand, according to sources with the China Council for the Promotion of International Trade (CCPIT).

Yu Jianlong, an official with CCPIT made the above remarks Tuesday at the ongoing forum jointly held by auto parts makers of China and the Republic of Korea (ROK).

Every 1,000 Chinese possess four autos, while every 1,000 people from the Republic of Korea (ROK) own 132 automobiles, he said. China's vast market and huge demand attracted more auto parts makers from ROK to shift their investment to China, and earn more market shares.

Yu also noted that on the basis of surging demand, China's auto manufacture level has kept on improving, with new forged production chains and improved product quality.

China has seen improved industrial competition capability in auto parts, with more export products. The country has seen 2.6 billion US dollars worth of auto parts export in 2004, a rise of 73 percent over the preceding year.

Source: Xinhua