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"China's demand for bauxite continues to grow but the supply fell. That gives other bauxite-rich areas, mostly in Southwest China like Guizhou, an opportunity for development in aluminum production," said Cheng Wenchao, an analyst from consulting firm Aladdiny which is specialized in the bauxite industry.

"Consumers with more knowledge about cars are more willing to buy second-hand cars as it is more cost-effective," he said, adding that the average age of Kaixin's customers is under 40.

"China's economy needs to rely increasingly on domestic demand instead of external demand to sustain growth. Meanwhile, it also needs to accelerate the push for moving up the value chain and cut its traditional reliance on low-end goods output," said Ying.

"China's contribution is significant because they have developed models and vehicles with good features and of good quality, and they are also lowering the prices," Chile's Minister of Transportation and Communications Gloria Hutt told Xinhua News Agency.

"China's success, especially economically, would not have been possible without the accompanying process of globalization, which accelerated in the last half-century," said Li Yong, director-general of the UN Industrial Development Organization.