China cancels export licenses for hundreds of local auto makers - Xinhua |
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Tue, 06 Mar 2007 10:42
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BEIJING (XFN-ASIA) - China's Ministry of Commerce has cancelled vehicle export licenses for half of the companies that shipped vehicles abroad last year, the official Xinhua news agency reported.The plan is aimed at weeding out local vehicle makers that are too small to be serious global contenders, while also reducing competition and ensuring a healthier market.Only 480 firms, half last year's number, have gained export licenses for the period starting Mar 1, Xinhua said, citing the Ministry of Commerce.China's auto exports hit a record high of 340,000 units last year, more than double the 2005 figure.But a price war meant that the export price per unit plunged nearly 20 pct year-on-year by November, Xinhua said, citing Ministry of Commerce figures.Xinhua noted that in 2005, there were 600 auto makers that exported fewer than 10 units, while 160 exported only one unit.will.davies@afxasia.com
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