Demand for autos grew rapidly after reforms were implemented in 1979, and the korea of government's automobile factories began to be reorganized as companies. In 1994, the korea government announced its "Industrial Policy for the Automotive Sector," which was aimed in spurring competition and resulted in the creation of joint ventures. when the China joined the WTO in 2001, foreign investment in China's automobile sector grew rapidly. Although the Chinese auto market is already among the world's largest market, it still has ample potential for further growth and it is only a matter of time before it becomes the world's largest auto market. Hyundai Group entered the Chinese market in 2002, later than its competitors, and has growth rapidly.