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China pulls plug on foreign auto investment

Jan. 3, 2012 (China Knowledge) - China's National Development and Reform Commission or NDRC and the Ministry of Commerce have announced that the country will limit foreign investment in auto manufacturing industry to form a healthy domestic auto making market.

An official of NDRC said the central government will encourage domestic industry with the policy carried out on Jan. 30, 2012. But no more details have been disclosed.

Lots of global well-known auto makers, including General Motors Co, Honda Motor Co and Volkswagen AG, have begun operating business in China with increasing sales. In the first 11 months of this year, GM sold around 2.35 million vehicles in China, reflecting a year-on-year increase of 8%.  

However, China has been experiencing sluggish vehicle market especially for domestic automakers.

Analysts said Chinese automakers have acquired less technology of auto production at the expense of more market shares.

The Chinese government is looking to increase tariffs on U.S.-made passenger cars and sports utility vehicles with engine capacities of 2.5 liters or more, sources reported.

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