As we reported earlier this week, in a second move this month after imposing new duties on U.S.-made cars, China’s National Development and Reform Commission and its Commerce Ministry announced that they are putting an end to investment incentives, effective from January 30.
The reason being that even though China has more than 70 domestic car manufacturers, the bottom 55 account for only 11 percent of total sales.
As reported by Bloomberg News, General Motors, the biggest automaker in China, is not worried about the new measures. “We expect the new guideline to have minimal negative impact on GM’s future plans in China," the company said in a statement on Friday.
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