China aims to cut auto groups to 10 from 14-paper

Newswire

SHANGHAI, Feb 24 (Reuters) - 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 reported on Tuesday. The plan, approved by the cabinet this month, also says the government will provide subsidies worth 5 billion yuan ($732 million) between March and the end of 2009 to aid purchases of autos in rural areas, the newspaper quoted unnamed sources as ...

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