China to Push Car Parts Industry Cooperation with Foreign CompaniesThe Chinese government is encouraging foreign companies to invest in car parts industries, an official source said at an international seminar in Xiamen.The government encourages multinationals to set up in China their global-oriented production bases and technology development centers, according to the source. Bai Rongchun, a senior economic official, pointed out that China's car parts industry is still largely lagging behind their counterparts in developed countries. He noted the industry should try to make breakthroughs in the next five years in its ability to develop its own new products, so as to keep the car parts industry in line with the development of the car manufacturing industry itself. Statistics show that by the end of 1999, China had 1,591 car parts enterprises with total assets of 140 billion yuan (16.9 billion US dollars), including 500 foreign-funded enterprises with total investment of 10 billion US dollars. |
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