Chinese automakers seek government help: report

NEW YORK (MarketWatch) — Some of China’s auto manufacturers, hit by slower sales growth in their once-booming home market, are asking for tax cuts to help their bottom lines, particularly in terms of producing environmentally friendly vehicles, The Wall Street Journal reported Thursday. The Chinese automakers, many of which are at least partly government-owned, are asking for lower sales taxes on cars with smaller engines or more environmental technology, to stimulate purchases, the report quoted auto executives as saying. Chinese passenger-car sales fell by about 6% on year in August and about 2% in September, but rose by 11% in October, the report said. Sales for the first 10 months of the year have slowed to 10% growth from a 21% rise in the same period of 2007 and 30% growth in 2006, it said.
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Original post by Forextvblog

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