A senior officer of China Automobile Industry Association said China has become attractive to foreign auto parts buyers due to its short production cost.

China Securities Journal Thursday quoted the Association's Vice President Jiang Lei as saying that by the end of 2007, multinational firms are likely to buy 50 billion U.S. dollars value of auto parts in these countries, where the manufacture cost is low, with 70 percent of them eyeing the Chinese market.

The Association's data showed that in 2005 alone, the number of foreign auto parts venture which came to China to also invest or seek cooperation totaled more than 90, with the contractual worth reaching 4 billion U.S. dollars, or 3.2 times of the 2004 figure.

In 2005, China's export of auto parts stood at 8.53 billion dollars, Jiang said. The country's auto parts exports grow 7.6 fold over the past five years.