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Foreign funds allowed into auto trade
(People's Daily Online)
Updated: 2005-08-16 14:06
China will fulfill its WTO commitment by allowing qualified foreign investors
into the domestic auto trade sphere and giving them full national treatment in
business operations.
The Automobile Trade Policy, which came into effect on August 10, covers
various aspects as second-hand car circulation, auto part circulation, car
scrapping and recovery and auto foreign trade, sources with the Ministry of
Commerce said. The Policy systematically laid down the development trend,
objective, operation standards and administrative framework of the nation's auto
trade.
The Policy on the one hand rectifies market order and improves permission
mechanism, and on the other hand standardizes market transaction order,
safeguards public security and interests and protects consumers' legitimate
rights, and at the same time encourages business honesty and credibility.
Moreover, it promotes free nationwide circulation of automobiles as commodities
by inviting competition, expanding opening up to both domestic and foreign
enterprises and breaking regional blockade.
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