China's Auto Industry Steps Forward

Last year, the volume of China's auto trade reached US$66.878 billion, of which imports accounted for US$25.982 billion, a year-onyear increase of 24.45 percent; while exports totaled US$40.896 billion, growing by 45.31 percent.The China Association of Automobile Manufacturers(CAAM)predicts that the number of autos sold in 2008 will break the 1 million barrier for the first time in history, representing an increase of about 20 percent.