President Jiang Zemin met with the President of the France-based PSA Peugeot-Citroen Group J. M. Folz in Beijing on November 11.

Folz arrived here Wednesday to inspect the financial situation of Shenlong Auto Corp., a joint venture between his company and the Dongfeng Auto Corp., based in Shiyan City of central China's Hubei Province.

The meeting is still going on at press time.

On Wednesday afternoon, Vice-Premier Wu Bangguo met Folz and said that China welcomes international companies to participate in building its automobile industry.