China Automotive Systems, Inc. (CAAS) 2008年年度报告「NASDAQ」.pdf

1、 CAAS 2008 ANNUAL REPORT 2 To Our Shareholders,At the beginning of 2008,the outlook was for continuing strong growth in China.However,as 2008 unfolded,the economies in North America,Europe and other markets declined to depths not seen in many years.Automotive sales plunged in many markets resulting

2、in the bankruptcy of Chrysler and General Motors in 2009.Economic conditions were better in China,but the global recession reduced GDPs growth in 2008 to 9%,which was the slowest rate since 2001.For 2008,the Chinese automotive market grew 6.7%to 9.34 million units,but this was the slowest growth in

3、a decade.With record revenues and 22.1%growth in 2008 compared with 2007 results,we once again outpaced the overall Chinese automotive industry performance.As Chinas automotive market continued to expand,it became the worlds largest market starting in January 2009.The Chinese government made a strat

4、egic change in 2009 to entice consumers to spend more.A number of stimuli,subsidies and incentives were implemented to re-ignite the Chinese economy.A RMB 4 trillion(US$590 billion)spending program was established,the sales tax was reduced to 5%from 10%to encourage sales of more affordable and envir

5、onmentally friendly cars with small engines,and a RMB 5 billion(US$732 million)subsidy was granted to help farmers replace 3-wheel vehicles and outdated trucks.The healthcare system is being reformed to provide wider coverage of the population with higher healthcare subsidies.We remain very optimist

6、ic about the prospects for the Chinese automotive industry and we see opportunities in the global market.As Chinas largest independent power steering manufacturer,we focused on expanding our market share.During 2008,we did not lose any key customers as we added new ones.We secured another Sino-joint