China expected to produce 8.5 million vehicles in 2007

　China's auto production saw an annual growth rate of 45.8 percent since 2002 and the country is expected to produce 8.5 million units of automobiles in 2007, a senior official said in Beijing Saturday.

　　By the end of 2006, output value of the country's auto industry accounted for 3.7 percent of China's gross domestic production, said Mr. Zhang Guobao, vice minister of National Development and Reform Commission.Meanwhile, employment in auto and auto-related industries accounted for one-sixth of the nation's total workforce, he said. China produced 5.75 million motor vehicles in the first eight months of this year, up 23.6 percent over the same period last year, according to the China Association of Automobile Manufacturers. Official statistics show that China exported 294,000 autos in the first seven months this year, up 70.3 percent from the corresponding period last year. Auto exports may exceed 500,000 units for the whole year.

　　During the period, China also exported auto parts worth 8.85 billion US dollars, up 32.4 percent from the same period last year. However, profits of oil and gas exploiters reported 16.2 percent drop in profits in the eight-month period.

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