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  • Car manufacturers in China seek government assistance

    Car manufacturers in China seek government assistance and lower taxes in terms of falling demand for cars in the country, which is the second largest market sector in the world, reported Bloomberg.

    The situation is really serious, I hope the government can implement policies to stimulate demand, commented Tsinhun Ting, general manager of Guangzhou Automobile Group Co, a partner of Toyota and Honda.

    State aid has already asked U.S. state and European auto companies. Global recession will slow the growth of sales in the sector to 5 percent estimated to increase by 22 percent this year, think of Guangzhou Auto, Honda and Nissan Motor. Slowing sales in China will affect and foreign producers who rely on developing markets in terms of declining demand in Europe, USA and Japan.

    Shares of the largest Chinese producer of automobiles SAIC Motor Corp. have thrown down the beginning of the year by 77 percent because of slowing demand and growing competition. Those of Dongfeng Motor Group Co. - The largest listed in Hong Kong producer of cars, have lost 71 percent this year.

    Sales tax on cars in the country currently represents 50 percent of the price. The government is considering to reduce sales tax on cars to alternative energy, to encourage demand, claimed earlier this month officials.

    U.S. automotive manufacturers can benefit from financial Rescue Plan U.S. market shares and Election General Motors and Chrysler want help from the government for its merger The price of oil continues to fall The crisis threatens the entire automotive industry HSBC - a conservative approach for the salvation of the crisis China plans new anti-gang effort Fears of recession continued pessimism returned to Wall Street The market for office areas in Europe asks for tenants Negative growth in Spain of the GDP decrease in mortgage loans Bankruptcy of Iceland, IMF helps the country Indexes in the U.S. went to increase. Sales of new homes in the U.S. with unexpected rise in September United States stopped short selling of financial shares Exchanges in Asia registered the most serious sessions in its history Threat of forced sales over the papers of leading Spanish companies The price of oil lowest for the past 21 months Again weak data in the U.S. press in Exchange indexes down France is in recession, reported second quarter economic downturn, worse market conditions of employment and real estate It is expected that 1.2 million homes in Britain can cost less than their mortgage Most indexes in Europe decreased due to the bankruptcy of Washington Mutual Bank of America buys Merrill Lynch for 50 billion dollars UK interest rates at low levels for the past 57 years
    Wednesday, November 19th, 2008 at 08:48
    Tags: automobiles, cars, China, manufacturers, market, shares
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