China’s long-awaited new auto industry policy announced this month, which replaces a more restrictive 10-year-old auto directive, brings good and bad news for foreign auto companies doing business in the country. Expressing a collective sigh of relief by foreign auto makers after months of speculation, Phil Murtaugh, chairman and CEO of GM China Group – which in 2003 earned a $437 million profit – says, “We are pleased to see the publication of the new auto policy. GM China Group ...

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