China's annual auto sales are expected to peak at around 40 million units, said Fu Bingfeng, executive vice-president and secretary general of the China Association of Automobile Manufacturers.

Fu said that the forecast was made at the 2023 China Auto Forum in Shanghai based on factors such as China's large population basis and rich resources.

As of the end of 2022, there were 226 vehicles per 1,000 people in China, Fu said at the 3-day forum, which began on July 5.

Fu said it is highly possible that the country's vehicle ownership per 1,000 people could reach 400 units after more than 10 years of industrial cultivation.