Disclosed herein is a paint composition, comprising a hydroxyl group containing resin (A), having a hydroxyl group value of from 200 to 400 mgKOH/g, and comprising in a resin solid fraction less than 25 weight % of structural units based on a lactone compound, a hydroxyl group containing resin (B), having a hydroxyl group value of from 50 to 200 mgKOH/g, and comprising in the resin solid fraction from 25 to 75 weight % of structural units based on a lactone compound, and a crosslinking agent (C) comprising at least one functional group which reacts with hydroxyl groups, wherein the proportions by weight (A)/(B) of the hydroxyl group containing resin (A) and the hydroxyl group containing resin (B), based on the resin solid fraction, are from 90/10 to 10/90.