China will launch a package of long-awaited new policies for automobile industry and market at the end of this year or the beginning of next year, a senior government official announced here Thursday.
The new policies will include a program to accelerate the industry's development and others concerning vehicle consumption, fund management and financing, Zhang Guobao, vice-minister of the State Development Planning Commission, was quoted by Friday's China Daily as saying at an international automobile forum organized by the Chinese Academy of Social Sciences (CASS).
The plan comes as China's auto market has surged during the year since the nation joined the World Trade Organization (WTO).
Zhang forecast demand for vehicles would increase to six million units a year by 2005 from the expected 3.2 million units this year.
China has promised to revise its existing regulations on the auto industry and to form policies on the issue according to WTO requirements.
(Xinhua News Agency November 29, 2002)
