On the first day of the two-day 5th Annual Global Automotive Forum (GAF) which began yesterday in Wuhan, China on the theme of ‘The Transformation of China’s Automotive Industry’, the backdrop for the discussion was the global economic environment and the ever- changing challenges in the automotive industry worldwide. The forum provides a platform for industry leaders, experts, financiers, analysts and media to exchange their opinions and share their knowledge to better anticipate the development of China’s automotive industry. As a key industry in China, the current output value of the automotive industry contributes 6 trillion yuan (Rs 6,018,000 crore) each year to the Chinese economy, the production and sales volume ranked first among the world. China accounts for about a quarter of the world’s automotive market, making it a veritable automobile manufacturing and selling power. Making the opening remarks, Wang Ruixiang, chairman of China Machinery Industry Federation, said transforming the focus from volume production to quality production is critical. He said, “China’s automotive industry has entered into a critical period where it is facing comprehensive transformation and upgrading from a focus on producing volume to producing quality.” China should avoid blind acceleration and a GDP ranking-oriented target and should… Read full this story
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