Changchun, one of China's most important automobile production bases, will spend 21.2 billion yuan (US$2.56 billion) in upgrading its auto making technologies in the next five years, officials said Sunday.
This will be a major step to meet upcoming opportunities and challenges after China's foreseeable entry into the World Trade Organization, said officials with an ongoing meeting on the sector's development.
According to an ambitious plan, the city's auto-making sector will be turning out 1 million automobiles annually and earning 100 billion yuan (US$12.05 billion) in annual sales revenue by 2005, both doubling the present figures.
By that time, annual pre-tax profits of the automobile sector will top 16 billion yuan (US$1.93 billion).
Changchun, capital of Jilin Province, is considered the cradle of China's automotive industry and is commonly known as "auto city " in China.
The city's auto sector, with the First Automobile Works Group and FAW-Volkswagen as the leading players, has formed a complete network specializing in the production of trucks, cars and spare parts, refitting, trading and research and development. The sector makes up half of the city's gross domestic product.
According to the plan, greater efforts will be made to improve the sector's capabilities of developing new automobile models, refitting more varieties of automobiles and expanding the overseas market for locally produced spare parts.
(Xinhua 11/27/2000)
