Chinese President Jiang Zemin said on November 11 that China welcomes major companies around the world to participate in building China's automobile industry.

The president was speaking to the President of PSA Peugeot- Citroen Group, J. M. Folz, who arrived here Wednesday to inspect the financial situation of Shenlong Auto Corporation, a joint venture between his company and the Dongfeng Auto Corporation, based in Shiyan, Hubei Province.

Jiang said that foreign participation in the auto industry will help improve China's ability to develop and design automobiles.

Folz said his group hopes to expand its cooperation with the Chinese side.