China's auto parts industry is entering the global supply chain of multinational companies
Changchun, Xinhua — April 11th (Reporter Zhang Yi and Du Xuejing)
With the rapid growth of China's automotive industry, a comprehensive auto parts sector has gradually taken shape. As a result, many multinational automotive groups have integrated China into their global supply chains. The entry of the world’s largest automotive multinational into the Chinese market has triggered a wave of investment from leading international auto parts manufacturers, who are either setting up factories or forming technical partnerships with domestic suppliers.
Currently, out of the 5,000 auto parts companies in the country, 1,200 are foreign-invested enterprises. These multinational corporations are not only targeting the Chinese market but also using it as a key production base to supply components to manufacturing plants worldwide. In parallel, China's private auto parts companies have experienced significant growth, with several high-tech, efficient, and large-scale enterprises emerging in recent years.
The gap between China's auto and parts industry and global standards has narrowed considerably, and a competitive auto parts manufacturing system is now taking shape. Since the reform and opening-up policies, China's automotive industry has achieved remarkable progress, and its auto parts sector has made considerable strides. Not only does it meet domestic demand, but some products have also started to enter the global market.
China's auto parts industry now possesses substantial production capacity and technical capabilities, giving it a competitive edge in producing certain components. Some of these parts have already gained recognition from multinational companies, indicating strong export potential.
Wei Jianguo, vice minister of the Ministry of Commerce and director of the National Electromechanical Products Import and Export Office, recently outlined seven measures aimed at boosting the export of automobiles and auto parts. These include supporting domestic companies to grow stronger, leveraging the globalization strategies of multinational firms to enhance local manufacturing capabilities, accelerating the establishment of export bases, increasing policy support for exports, promoting international certifications, improving export service systems, and regulating overseas markets to prevent destructive price competition.
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