China to Accelerate Mergers in Auto Industries and Steel

Author£ºJuly
China's auto output and sales warmed up in the first quarter, ending the industry's declining trend which began in April of last year. The country's auto output reached 2.56 million units during this period, up 10.6 percent year on year, and its auto sales rose 3.6 percent to 2.68 million units.
 
According to official data, China's steel industry showed signs of recovery in the first quarter. Later however, when steel output rose too fast, prices slipped again.
 
Mr Jia Yinsong inspector of Department of Raw Materials of MIIT said that MIIT is now investigating the lagged steel capacity and mulling over M&A regulations for the steel industry. He said that MIIT will also join the National Development and Reform Commission to release technology innovation plans for local steel enterprises this month.
 
Mr Jia noted that steel enterprises should adjust their product mix to meet new demands from industries covered in the government's stimulus package such as light industry, petrochemical sector, auto industry, machine building, ship building and logistics sectors.
Source£ºenglish.chinabuses.com

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