China forecasts half-million vehicle exports this year, up 47% year-on-year

Shanghai. September 28 (Gasgoo.com) – China expects to export more than 500,000 vehicles in 2007, about 47% up from the previous year, China's Minister of Commerce said.

"China's automobile export has entered a fast track," Minister Bo Xilai told a reference, adding that “China is now world’s second largest consumer market and third largest manufacturing country.”

Official statistics from Ministry of Commerce show China exported 294,000 cars in the first seven months, up 70.3% year-on-year. Meanwhile total value auto parts exports in the same period reached $8.85 billion, up 32.4%. 

Since China's entry into WTO in late 2001, Chinese-made vehicle exports have been growing 95.6% annually. Last year, China surpassed Germany as the world's third-largest vehicle maker.