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China to curb disorderly investment in auto sector
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China will strictly prevent 鈥渉aphazard investment and redundant development鈥 in the automobile industry, an official from the state planning agency said on Saturday, apparently referring to proposed rules on automakers鈥 investments in new capacity.
Nian Yong, head of the National Development and Reform Commission鈥檚 Department of Industrial Coordination, said the NDRC will soon publish and implement a new set of investment rules.
The new rules 鈥渨ill restrict industrial investment project management standards, strengthen regulation, prevent haphazard investment and redundant development,鈥 he said.
China is looking to fix seemingly perpetual excess capacity in the country鈥檚 auto industry.
Nian鈥檚 remarks, which were made during his speech at an automotive industry conference in Tianjin, come as the industry has sought to dial down the proposed NDRC rules, which were published in July in draft form to seek public comment.
It鈥檚 not clear when the new rules would take effect, or whether the NDRC would agree to water them down from the draft, which some automaker officials described as alarming.
On Friday, another NDRC official at the same conference indicated the agency might make some compromises.
鈥淲e have made some quite big modifications (to the proposed rules) after we received the industry鈥檚 feedback,鈥 NDRC official Gu Ziming said.
The move to curb excess capacity comes as domestic and international automakers in China announce plans to increase their production. Japan鈥檚 Nissan Motor Co and Toyota Motor Corp have both announced plans to significantly boost production in China.
According to the draft rules, China鈥檚 state planning agency is looking to place a limited ban on investments in new 鈥済reenfield鈥 capacity to produce traditional gasoline-fueled cars, as well as electric battery cars 鈥 unless a carmaker meets certain conditions.
Among them, automakers would have to have a healthy, above-industry-average business in terms of capacity utilization and research and development investment, and a commitment to electric cars.
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