Word: beijingers
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The tax cuts are part of China's efforts to revive its economy, which is suffering from dramatic drops in exports and investment, through a wide range of stimulus measures. In November Beijing announced it will spend $586 billion this year to promote growth. While few details of the stimulus...
Beijing has signaled that it intends to use this slowdown to consolidate the country's sprawling auto industry. China has more than 100 carmakers. Chinese media outlets are reporting that the government hopes to reduce 14 major carmakers to 10 this year. At the same time Beijing's economic planners...
Beijing is also trying to prop up the healthiest companies by encouraging car sales in China's rural provinces, where there are hundreds of millions who have yet to adopt the freer spending patterns of consumers in richer coastal cities. Beginning in March the government will offer $730 million in...
Still, the recession could help Beijing push through changes to help the car industry grow more steadily in the long run. That, says Simpfendorfer, is one of the key differences between industry rescue efforts in the U.S. and China. "The Chinese auto sector is not as well entrenched as the...
- With reporting by Lin Yang / Beijing