China's automotive sales boom is less deafening these days, but auto makers still are on a roll. Admittedly, the pace has flattened dramatically from the 61% jump in passenger-car sales in 2002 to 1.3 million units, followed by a 65% surge in 2003 to 2.1 million sales. In comparison, last year saw a modest 14% rise to 2.47 million units. Yet, few in the industry seem unduly concerned about future prospects. "Keep in mind that a normal rate of growth in mature automotive markets like ...

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