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China automobile sales may exceed 15 million in 2010

It is reported that Mr Chang Xiaocun, Director of Department of Market System Development of Ministry of Commerce said in a recent press conference that China has become the world’s largest automobile consumer market in 2009.

He expects that China automobile sales will exceed 15 million in 2010.

Stimulating policies introduced by government are the main reasons for this rapid growth in automobile sales.

Mr Chang said in vehicle sales in 2009 private consumption accounted for the majority whereas the government procurement took a very small proportion. The total sales of displacement of 1.6 liters and below passengers are 7.2 million increased by 71% YoY and automobile sales in rural area exceeded 2 million increased by 85% YoY.

Mr Chang predicts that the revenue of above-scale automobile enterprises will exceed CNY 3 trillion and the total profits and taxes are CNY 330.9 billion.

Mr Chang said "Automotive industry has become a pillar industry of China. I am optimistic about the future of automotive consumer market."