China put over 4 million new privately owned vehicles on the roads last year. That brings the total number of private cars around the country to over 22 million.

Private vehicles now account for two-thirds of all the vehicles on the country's roads. New cars are being sold much faster than old ones are being retired - with just 1 million old vehicles taken to the scrap yard last year. China is now the world's fastest growing auto market. Experts say China's auto market is still not fully developed, and personal car ownership will continue to rise in the next 10 years.

Meanwhile, China's carmaking industry is also developing rapidly. Last year, China exported 342,000 vehicles overseas, and imported about 230,000 new cars.