Chinese car-maker Geely has rewritten the automotive history books with the purchase of Ford's Volvo car unit. The signing of the deal on Sunday marks China's largest overseas auto deal. This move is regarded as a vital step for China's largest private car-maker to realize its global ambition.

Back from Sweden, Chairman of Geely cars Li Shufu opened a press conference in Beijing at the earliest possible time. Talking about the Volvo deal, Li is confident about the future of his car-making kingdom.

The Volvo deal is regarded as a snake-swallows-elephant one. The acquisition is a milestone in China's automobile industry, especially when Chinese automakers are considering overseas expansion.

China overtook the United States as the world's top auto market in 2009. It is keen to continue its expansion into Western markets, but has so far lacked the technology and brand recognition. Geely's takeover of Volvo is expected to help the Chinese carmaker overcome some of those obstacles more quickly on its road to going global.

Facing worries including the issue of fund, Li believes the deal adapts to the new era and the actual need of China's auto industry. He says that as time goes on, the worries will fade with all their efforts.

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