China brings hope, threat to global automakers

Top auto executives projected sales growth of up to 10 percent this year in China, but this lone bright spot among the world's major car markets is also producing ambitious potential rivals to the global auto majors.

At the Shanghai Auto Show, the Chinese industry's premier annual event, domestic producers that have long relied on foreign partners' technology unveiled upmarket models under their own brands that they hope will propel them onto the global stage.

"Even as other markets shrink due to the global crisis, China has taken appropriate and timely policy steps to secure stable economic and car market growth," Toyota (7203.T) President Katsuaki Watanabe told a news conference at the auto show.

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- Posted: 2009-04-20 07:29:34

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