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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Booming China auto industry faces over-capacity AFP - 50 minutes ago Send IM Story Print Booming China auto industry faces over-capacity BEIJING (AFP) - – China should end preferential policies for automotive companies in order to curb over-capacity in an industry where sales jumped 55 percent in August, a government official said. Chen Bin, a top official at China's economic planning agency, said booming auto sales were leading to blind investment in the industry, which could result in annual production capacity of over 31 million units by 2015. "Serious overproduction capacity will lead to negative market competitiveness a loss in enterprise efficiency, factory stoppages and other problems," Chen said at an automotive symposium on Saturday. "Judging from our understanding of the situation as reported by local governments and related departments, production capacity will far outstrip market demand for the coming period (ending in 2015)," he said in a report on the website of the National Development Reform Commission. Last year, China became the world's largest auto market when over 13.6 million vehicles were sold. Sales have boomed this year, jumping 55.7 percent in August year-on-year, as the government rolled out a new subsidy scheme for energy-saving vehicles. In order to curb overcapacity, local governments should stop pushing manufacturers to increase production and end preferential tax and land policies aimed at spurring production, Chen said. He said the industry's penchant for using preferential energy-saving policies to ramp up production of traditional automotive products should also be curbed. China announced a trial programme in June to subsidise environmentally-friendly vehicles in five cities as part of efforts to reduce emissions, save energy and spur the development of green technology. Under the trial project, the government offers subsidies of up to 60,000 yuan (8,850 dollars) for hybrid and electric cars and 3,000 yuan for fuel-saving models. Recommend Send IM Story Print Related Articles Booming China auto industry faces over-capacity AFP - 50 minutes ago FACTBOX-Key political risks to watch in Taiwan Reuters - 53 minutes ago iPhone 4 sales in S.Korea start this week AFP - 2 hours 4 minutes ago IMF's Lipsky says moderate world recovery underway Reuters - 2 hours 39 minutes ago MIDEAST STOCKS - Factors to watch - Sept 5 Reuters - 2 hours 44 minutes ago News Search Top Stories A month on, Chile miners face uncertain rescue date Sharapova, Federer battle on in US tennis Open EU deal to curb speculative trading close: commissioner EU decision on support for banks due November: commissioner Afghans crowd scandal-hit bank to withdraw savings More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Zeta-Jones 'furious' at late cancer diagnosis for Douglas BP spill costs hit 8 bln dlrs as crews unearth clues Afghans crowd scandal-hit bank to withdraw savings Israeli researchers develop promising new HIV treatment 'Prostitute' Carla Bruni deserves death: Iran media More Most Viewed » Earth's upper atmosphere shrinking, scientists say Tiger's ex breaks her silence on sex scandal Most US students think Beethoven is a dog Unchecked migration would see Singapore swell, Haiti halve More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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