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By Zheng Caixiong (China Daily)
Updated: 2007-07-13 10:06

Construction began early this week on a market for vehicle parts and accessories in the Guangzhou Development Zone.

With an area of more than 180,000 square meters, the Guangzhou Auto Parts and Accessories Global Purchase Center will include a central purchasing zone, exhibition halls, trading areas, logistic districts and office facilities.

The center, the biggest specialized market for vehicle parts and accessories on the mainland, plans to attain an annual trading volume of more than 10 billion yuan, helping build Guangzhou into an international import and export hub for auto parts and accessories, according to the Guangzhou-based Information Times.

More than 3,000 auto parts and accessory manufacturers and agents from around the world are projected to open outlets and offices in the center within three to five years after the project is completed next year.

Foreign companies have already begun negotiations to open outlets and establish representative offices in the center.

Xue Xiaofeng, director of the Guangzhou Development Zone, said the center is expected to play an important role in boosting the city's automobile industry.

"The southern metropolis is currently striving to become the biggest automobile production base in the country," Xue said.