China continues as world's top automaker and market

China remained the world's largest producer and automobiles market for the fourth consecutive year in 2012, according to data released  by China's auto industry association. The China Association of Automobile Manufacturers (CAAM) said in a statement posted on its website that the country's auto sales last year hit 19.31 million units, up 4.33% year on year and marking a new high. Meanwhile, auto production grew 4.63% from a year earlier to 19.27 million vehicles last year, the CAAM said. "In 2012, both the country's auto sales and production hit new historic highs, and the country remained the world's largest auto manufacturer and market for the fourth consecutive year," the statement said. China overtook the United States to become the world's largest automaker and auto market in 2009. "Automobile production in China has exceeded 18 million units for three years in a row, showing that the industry has entered a stage of steady growth at a relatively high level," the CAAM said.