China Aims to Change Auto Structure
2009-02-24 Source：english.chinabuses.com
Chinese government plan to strengthen the automobile sector aims to reduce the number of major auto-making groups through mergers to 10 at most from 14, the official China Securities Journal reported on Tuesday.
The plan will provide subsidies worth 5 billion yuan between March and the end of 2009 to aid purchases of autos in rural areas, the newspaper quoted unnamed sources as saying.
The auto plan aims to stabilizes demand for cars so that China's total vehicle sales and production this year both exceed 10 million vehicles, and grow an average 10 percent annually over the next three years, the newspaper said.
Total vehicle sales, including cars, buses and trucks, rose just 6.7 percent to 9.38 million vehicles last year, according to the China Association of Automobile Manufacturers. Sales plunged 14.35 percent from a year earlier in January 2009.
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