Chinese-branded vehicles have taken more than half of the domestic automobile market share, and 40 percent passenger vehicle market shares, Fu Bingfeng, deputy secretary general of the China Association of Automobile Manufacturers, said at the 2020 China Auto Forum on Aug 14, Xinhua reported.

The country has topped the global auto market in sales for 11 consecutive years, and taken up one-third of the world's market, Fu said, adding that the number of vehicles in China is set to reach 270 million units by the end of this year.

Chinese-branded vehicles are benefiting from the country's huge automobile market, he said.

Wang Xiaoqiu, president of SAIC Motor, said the Chinese vehicle sector is rebounding rapidly thanks to the support of the government. Wang added that the rebuilding of the company's brand was directed by younger consumers and the upgrading trend of consumption. Wang also noted that cooperation among Chinese brands is vital in tackling core technologies in key areas such as internet connected vehicles.

The global automobile market has seen sales slump amid the coronavirus pandemic, while the Chinese market has rebounded since May, indicating market resilience and positive effect of policies, said Christoph Wolff, member of the executive committee at the World Economic Forum, who noted that the Chinese experience is referential to the global market recovery.

The adjustment of industrial policies has provided more opportunities for multinational car makers in China, the report said. As the country lifted restrictions on foreign equity shares in new energy vehicle manufacturing, Tesla Inc launched its first mega-factory in Shanghai and unveiled its China-made Model 3 in November last year. Volkswagen AG also closed its 1 billion euro deal in acquiring 50 percent stakes of its electric-vehicle partner JAC Motor this May.

The next five years will be the key period for the upgrading and transformation of China's auto industry, Fu said, suggesting industry players should seize the opportunities and expand their footprints in both domestic and overseas markets.