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Monday 5 January 2009
China to Boost Auto Sector
China will announce measures in the first quarter to keep its slowing auto sector growing at about 10 per cent annually during the global economic slowdown, state media reported on Monday.
SHANGHAI - China will announce measures in the first quarter to keep its slowing auto sector growing at about 10 per cent annually during the global economic slowdown, state media reported on Monday.
The proposed measures include encouraging automotive companies to merge, reducing taxes on low-emission cars and ordering government agencies to buy domestic-made cars, Shanghai Securities News reported, citing unnamed sources.
The National Development and Reform Commission has submitted its proposals to the State Council, or Cabinet, for approval, and details are expected to be announced in the coming weeks, the newspaper said.
Premier Wen Jiabao said on Friday plans for the auto and steel sectors had been devised and were being reviewed, the state Xinhua news agency reported.
‘These plans are aimed at current practical problems and long-term development of the industries as well,’ Mr. Wen said, adding plans for other sectors would follow.
Growth in privately owned cars and motorcycles slowed markedly in China last year, the government said on Monday.
China had about 129 million private cars and motorcycles in 2008, an increase of 6.4 per cent from the year before, the ministry of public security said in a statement.
This compared with a rate of growth of 10.9 per cent in 2007, the ministry said.
The new numbers seemed consistent with other figures showing a slowing auto market in China.
China’s auto sales fell 14.6 per cent in November from the same month a year earlier, according to industry association figures.
China’s economy is under huge pressure due to the global crisis, with overall growth in the third quarter at nine percent, the lowest in more than five years.
The World Bank has forecast that growth in the Chinese economy will slow to 7.5 per cent in 2009, the lowest in 19 years.
1 comment:
China to Boost Auto Sector
AFP
5 January 2009
SHANGHAI - China will announce measures in the first quarter to keep its slowing auto sector growing at about 10 per cent annually during the global economic slowdown, state media reported on Monday.
The proposed measures include encouraging automotive companies to merge, reducing taxes on low-emission cars and ordering government agencies to buy domestic-made cars, Shanghai Securities News reported, citing unnamed sources.
The National Development and Reform Commission has submitted its proposals to the State Council, or Cabinet, for approval, and details are expected to be announced in the coming weeks, the newspaper said.
Premier Wen Jiabao said on Friday plans for the auto and steel sectors had been devised and were being reviewed, the state Xinhua news agency reported.
‘These plans are aimed at current practical problems and long-term development of the industries as well,’ Mr. Wen said, adding plans for other sectors would follow.
Growth in privately owned cars and motorcycles slowed markedly in China last year, the government said on Monday.
China had about 129 million private cars and motorcycles in 2008, an increase of 6.4 per cent from the year before, the ministry of public security said in a statement.
This compared with a rate of growth of 10.9 per cent in 2007, the ministry said.
The new numbers seemed consistent with other figures showing a slowing auto market in China.
China’s auto sales fell 14.6 per cent in November from the same month a year earlier, according to industry association figures.
China’s economy is under huge pressure due to the global crisis, with overall growth in the third quarter at nine percent, the lowest in more than five years.
The World Bank has forecast that growth in the Chinese economy will slow to 7.5 per cent in 2009, the lowest in 19 years.
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