From Bryan Mercurio:
Following earlier posts on the US auto industry bailout and EU response, it seems appropriate to post on the Chinese response.
The South China Morning Post reports (in a password protected article dating from 20 November, ‘Industry seeks government help as sales slump: Chinese carmakers press for bailout’) that the Chinese automobile industry has asked the government for ‘emergency measures’, including ‘lower taxes on new cars, lower fuel prices and increased grants for research into hybrid cars and new technology’. The reason cited for the request is the US loans to the American industry as well as falling sales within China and in major export markets (eastern Europe, Southeast Asia, Africa and Latin America ).
One executive is quoted as saying, ‘The Chinese government will undoubtedly support us’, and notes that state-owned Chinese banks have already become more willing to lend to Chinese carmakers.
Next in line... Korea, Japan , …
See also: http://money.cnn.com/2008/11/19/news/international/chinese_auto.ap/index.htm
