Industry leaders point to growth and urbanization

Despite reports to the contrary, China's auto industry is not facing overcapacity as sales soar and Chinese companies continue on a steady path of internationalization, said industry insiders on Tuesday.

China's urbanization process will create huge demand in the housing and auto sectors, which will lead to higher growth in the number of vehicles on the road in the coming years, said Xu Heyi, chairman of Beijing Automotive Group Co, during 2014 Boao Forum for Asia.