Challenges and opportunities coexist in the transformation of China's automotive industry

The 5th Global Automotive Forum, themed "Wisdom and Vision of China's Automotive Industry Transformation and Upgrading", opened today in Wuhan. This time, with the theme of "Transformation", we aim to gather the insights of domestic and foreign governments, enterprises, experts, scholars, and media by focusing on the overall trend of global economic development, starting from the structural changes and challenges of the world automotive industry, and providing support for the development of China's automotive industry facing transformation in the face of both challenges and opportunities.

Wang Ruixiang: The automotive industry is in a critical period of transformation from large to strong

As a pillar industry of our country, the current automobile industry contributes over 6 trillion yuan in annual output value to the national economy, ranking first in the world in terms of production and sales for five consecutive years. In the global automobile sales, we account for about 1/4 of the total, and China has become a true major country in the world of automobile manufacturing and sales.

A new round of technological innovation and emerging industry development, characterized by green and intelligent features, is rapidly emerging globally. The constraints and challenges of resources, energy, and environment are becoming increasingly severe, which will bring profound changes to the form and industrial pattern of the world's automotive industry, and bring new development dividends and opportunities to the institutional reform and mechanism innovation of China's automotive industry. President Wang Ruixiang stated that China's automobile industry is also in a critical period of upgrading and transformation from a large to a strong stage of comprehensive deepening reform.

We need to have a clear understanding that the overall innovation capability of China's automotive industry is not strong enough, and the development of the industry chain is not yet perfect. Therefore, we believe that achieving the goal of becoming a manufacturing powerhouse for China's automotive industry is still a long way to go. "Wang Ruixiang believes that abandoning the value orientation of blindly speeding and GDP ranking is necessary; Persist in structural adjustment, actively promote cross regional, cross industry, and cross ownership construction and acquisition, and optimize industrial layout; Continue to take innovation as the fundamental driving force, enhance the level of independent innovation and endogenous growth in the industry; Accelerate the development of new energy vehicles and products with high efficiency and low energy consumption; Taking international development as the strategic goal, extending to post market services and deepening cooperation in the industrial chain, to build the overall competitiveness of the industry.