China: China's automobile market shows huge growth potential.

Section: Business News - Bangkok Post Although local firms have a lot of catching up to do, big global players would be wrong to lower their guard.

Unlike Japan and the US, the world's two largest auto manufacturers which have seen their own car brands widely accepted at home and abroad, China still sees its automobile market dominated by foreign brands including Volkswagen, GM and Honda, though most of them are produced by their joint ventures (JVs) with local businesses.

It took China 20 years to transform itself from a land of bicycles to a huge automobile market. China's auto market has maintained a 20% to 30% annual growth rate for the past four years. With its output and sales topping 8.8 million and 8.79 million respectively last …