Earlier this week, during a Chinese-Korean Automotive Supplier Summit, a Chinese official indicated that automotive demand in the Chinese market will reach 15 million vehicles per year by 2008, equivalent to ¼ of the current total global demand. In 2005, the projected demand in China is 6.4 million units with average ownership/capita level at a mere 4 per 1000 persons – to put that into perspective, the figure is roughly 800 per 1000 persons for the U.S. And you wonder why all the automakers are rushing to get a piece of the Chinese pie?

Warning: the linking story is a very rough translation by Google, click here if you prefer to read it in Chinese.

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