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China Considering Auto Market Bailout Plan

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Shanghai, November 18, 2008: ( The auto industry in China is hopeful of getting help from the central government, which last week unveiled a large stimulus package focused on stock market, the real estate and fixed assets investment, Beijing News said yesterday.

"The government is considering issuing policies to support the Chinese auto market," said Chen Jianguo, deputy director of the Industrial Coordination Department under China's National Development and Reform Commission (NDRC) last week.

"Our auto industry is facing tough challenges," Chen said in the 2008 International Forum on Chinese Automotive Industry Development held in Tianjin during Nov.7-9. The bailout plan for auto industry is expected to come out after a detailed analysis by the government on the possible result and effect incurred by the programme, he disclosed.

"The government would not let down the auto industry, which shoulders a vital responsibility in pushing the economic growth," said Yao Jingyuan, chief economist of the National Bureau of Stastics.

According to Chen, new-energy vehicles are likely to get strong support as the industry has already got a common idea and a previous policy on this matter.

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