Foreign funds allowed into auto trade
The Automobile Trade Policy, came into effect on August 10,2005.
China will fulfill its WTO commitment by allowing qualified foreign investors into the domestic auto trade sphere and giving them full national treatment in business operations.
The Automobile Trade Policy, which came into effect on August 10, covers various aspects as second-hand car circulation, auto part circulation, car scrapping and recovery and auto foreign trade, sources with the Ministry of Commerce said. The Policy systematically laid down the development trend, objective, operation standards and administrative framework of the nation's auto trade.
The Policy on the one hand rectifies market order and improves permission mechanism, and on the other hand standardizes market transaction order, safeguards public security and interests and protects consumers' legitimate rights, and at the same time encourages business honesty and credibility. Moreover, it promotes free nationwide circulation of automobiles as commodities by inviting competition, expanding opening up to both domestic and foreign enterprises and breaking regional blockade.