A Chinese government plan to strengthen the automobile sector aims to reduce the number of major auto-making groups through mergers to 10 at most from 14, the official China Securities Journal said Tuesday, reports Reuters. The plan, approved by the cabinet this month, also says the government will provide subsidies worth Rmb 5bn ($732m) from March to the end of 2009 to aid purchases of autos in rural areas, the report added

This entry was posted by Gwen Robinson on Tuesday, February 24th, 2009 at 5:11 and is filed under Capital markets. Tagged with china. Edit this entry.