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China reforms rules to boost auto industry
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The Chinese government yesterday announced new regulations to boost the booming auto industry.
A major change made by the National Development and Reform Commission is that projects for Sino-foreign passenger car manufacturing joint ventures, electric vehicle manufacturing companies and other auto investment projects approved by local government will be no longer subject to central government approval.
The changes will take effect from January 10, replacing rules in place since 2004.
The commission said it will strictly control the production of new gasoline vehicles and promote the development of new-energy vehicles.
“Sino-foreign passenger car manufacturing joint ventures are no longer subject to the central government’s approval,” the commission said.
“These projects still need local government’s approval, but it is a meaningful relaxation for some of key foreign investments,” Zhang Xiaofeng, an independent market analyst, told Shanghai Daily.
“For new-energy vehicle companies, production and sales qualifications used to need approval from the NDRC” David Zhang, an independent automotive consultant, said.
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