China aims to lift the value of its vehicle and auto parts exports to US$120 billion, or 10 percent of the world's total vehicle trading volume, over the next decade, said Vice Minister of Commerce Wei Jianguo in Beijing on Monday.

Over the past few years, China's exports of vehicles and parts have enjoyed rapid growth. In 2005, exports reached US$10.9 billion, an increase of 34 percent year-on-year, the official said.

Currently, he noted, China's vehicles and auto parts exports made up only 0.7 percent of the world's total vehicle trading volume.

Last August, the ministry approved 160 vehicle and auto parts producing enterprises in eight cities regarding their rights export their wares, said Wei.

Anhui-based Chery Automobiles Co. Ltd. in east China said on Monday that by the end of September this year, it had exported 50,000 vehicle units.

It also announced that it would set up a vehicle interior and spare parts joint venture with US-based Johnson Controls Inc.

(Xinhua News Agency November 21, 2006)