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China aims to lift the value of its vehicle and auto parts exports to US$120 billion, or 10 percent of the world's total vehicle trading volume, in the next 10 years, said Vice Minister of Commerce Wei Jianguo Monday.

 

Over the past few years, China's exports of vehicles and parts have grown rapidly. In 2005, exports reached US$10.9 billion, an increase of 34 percent on the previous year, the official said.

 

Currently, he noted, China's exports of vehicles and auto parts made up only 0.7 percent of the world's total vehicle trading volume.

 

Last August, the ministry approved 160 vehicle and auto parts producing enterprises in eight cities as export-oriented enterprises, said Wei.

 

Anhui-based Chery Automobiles Co. Ltd. in east China said on Monday that by the end of September this year, it had exported 50,000 units of vehicles.

 

It also announced that it would set up a vehicle interior and spare parts joint venture with US-based Johnson Controls Inc.

 

(Xinhua News Agency November 21, 2006)