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China sales to double by 2007
Japan Canon Inc says that it plans to more than double annual sales in China to $1 billion by 2007, following government approval last year allowing Canon to sell directly into the country, according to a report in the China Daily. Purchasing power in China is rapidly increasing and around 2.6 million units were sold last year, a year-on-year increase of 85.3%. China currently accounts for a quarter of Canon's sales in Asia, excluding Japan and Korea and last year amounted to $460 million.