Chinese Vice-Premier Wu Bangguo told the President of the France-based PSA Peugeot-Citroen Group J. M. Folz on November 10 that China welcomes international companies to participate in building its automobile industry.

Developing China's automobile industry is full of opportunities as well as challenges, said Wu, adding the he hoped that Chinese and French partners would make optimum use of their capital to develop more competitive products.

Folz, who is here to inspect the financial situation of Shenlong Auto Corp., a joint venture between PSA Peugeot-Citroen and China-based Dongfeng Auto Corp., expressed the hope for expanded cooperation.