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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China wants to restructure auto industry AFP - Sunday, March 22 BEIJING (AFP) - - China said Saturday it wanted to boost its auto industry by reducing the number of companies in the sector through mergers and promoting two or three carmakers to become the dominant players. ADVERTISEMENT The government's plans for auto industry reform were unveiled two months after it approved stimulus measures including tax cuts and subsidies to help carmakers survive the global economic downturn. The State Council, or cabinet, said in a statement on its website dated late Friday that by 2011, it wanted to cut the number of major domestic automakers, who are responsible for 90 percent of domestic sales and output, from 14 to 10. Under the scheme, two or three companies would be the industry heavyweights, capable of producing more than two million units a year, while four or five others would have annual output capacity of one million units. It named four groups as possible nationwide leaders that should consider expansion through mergers and acquisitions -- FAW, Dongfeng Motor Corp, SAIC (Shanghai Automotive Industry Corp) and Chang'an Auto. SAIC, the nation's largest automaker, merged in late 2007 with rival Nanjing Auto, which owns the MG car brand. China wants to churn out 10 million vehicles in 2009, and has set a target of a 10 percent rise in annual output for 2009-2011. According to the China Association of Automobile Manufacturers, production last year reached 9.34 million units, up 5.21 percent from 2007. In 2008, auto sales growth shrank with an increase of just 6.7 percent, the first single-digit expansion since 1999 in a market used to growth rates of more than 20 percent. But in February, China bested the United States as the world's largest car market for a second consecutive month, with sales up nearly 25 percent from a year earlier, buoyed by the government's stimulus measures. February sales of domestic autos hit 827,600, up 24.7 percent from a year earlier, the official Xinhua news agency reported earlier this month, citing the China Association of Automobile Manufacturers. But analysts say the government's plan may not bear much fruit in the short term, as the mergers process is a complicated one. "It has been the central government's plan to consolidate the auto sector since 1994," said John Zeng, an expert at Global Insight. "But there are more and more players in the market... the structure is complex and it makes consolidation extremely difficult," he said, adding that local governments would be unwilling to surrender jobs in their jurisdictions. Jia Xinguang, of the China National Automobile Industry Consulting and Developing Corporation, agreed. "There are around 180 auto companies, including big and small," Jia said. "The ideal would be to have two or three automakers in China like other countries but it's still impossible at the moment because there are some joint ventures in China." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Australia PM urges greater say for China in IMFAFP - 1 hour 32 minutes ago 'Virtually impossible' for Aus economy to grow: PMAFP - 2 hours 22 minutes ago 'Modest' Japanese CEOs escape public ireAFP - Sunday, March 22 China sees stimulus package bringing growthAFP - Sunday, March 22 Related Articles: Business Australia PM urges greater say for China in IMFAFP - 1 hour 32 minutes ago Bank Muscat sold 81 pct of stake in India's HDFCReuters - 1 hour 43 minutes ago Report: Nissan planning luxury hybrid in 2010AP - 2 hours 1 minute ago 'Virtually impossible' for Aus economy to grow: PMAFP - 2 hours 22 minutes ago Childrens' Investment Fund sells Indian state bank holdingsReuters - 2 hours 53 minutes ago Enlarge Photo China wants to restructure auto industry Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Madoff loses bail appeal as victims' rage revealed Obama budget deficit could hit 1.845 trln dlrs Actress Natasha Richardson dies after ski accident Arrest warrant issued for Lindsay Lohan Opel boss hints at closing German plants View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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