China has set a target of exporting automobiles and components worth 70 to US$100 billion a year by 2010, Chinese vice-minister of commerce Wei Jainguo was quoted as saying by Monday's China Daily.

If successful, the exports will account for 40 percent of total automobile and component sales in China at the time, according to Wei, who revealed the export goal at a recent forum held in Changchun, capital northeast China's Jilin Province.

"Our short-term target is to increase automobile and component exports to 15 to US$20 billion next year," he said.

"The move will help China attract more foreign investments, accelerate the auto industry's development trend under world economic globalization," Wei said.

(eastday.com April 5, 2004)