China's auto industry could export 10 million vehicles per year by 2030, with total annual sales projected to exceed 40 million, according to the China Passenger Car Association, reported Hong Kong's South China Morning Post.

The forecast was made by Cui Dongshu, secretary general of the CPCA, who said the country's auto sector still has "vast potential" for growth both domestically and internationally.

Mr Cui acknowledged the projection may be more optimistic than mainstream estimates but argued China has the capacity to meet the target, citing untapped demand in less developed regions.

He said car ownership in mid-western districts and rural areas could eventually surpass levels seen in major cities such as Beijing and Shanghai.