中国汽车研究报告-英文版

1、jul. 7, 2004 no.283china aims to reach the level of advanced countries in 2010by promoting reorganization of companiesunder the new automobile industry development policyoutline of china's new auto policy and chinese business plansby automakers worldwidein june 1, 2004, the chinese government of

2、ficially announced and enforced the automobile industry development policy (new auto policy), which replaces the industrial policy for the automobile industry (formulated in 1994) as a new sign post and policy for developme nt of the automotive industr y. the new auto policy does not change the curr

3、ent move toward the expansion of a partnership with foreign automakers the new policy aims to make china join with major auto producing countries by the standards of developed countries in 2010 using a partnership with foreign capital as the driving forcein line with the announcement of the new auto

4、 policy and auto china 2004 (the 8th beijing motor show), which ope ned on june 9th, the anno uncement of chin ese busi ness plans was successively made by automakers worldwide the scale of chinese business by major global automakers, including plans already revealed by each automaker, will amount t

5、o more than 7.3 million a year in several years.»the new auto industry development policy of chinachina, focusing on the balanee of development, aims to take a place among major auto producing countries by 2010china's vehicle production surpassed 3.2 million (including 1.15 million passenge

6、r cars), the product!on target for 2005 under the tenth five-year plan (2001-2005) for the automotive industry in china, which was announced in june 2001 the production volume amounted to 4.44 million in 2003 (including 2.19 million passenger cars).against the backdrop of rapid growth and under the

7、automobile industry development policy (issued in june 2004), which serves as guidance for china's automobile policy, the following objective has been set: the fostering of china's automotive industry into a core industry of the national economy by 2010, the forming of industry into an expor

8、ting industry including, as the subject of the policy, cooperative development with rela怕d industry and transportation infrastructure and the fostering of a sound automobile consumer market while preventing severe maladjustment from occurring due to a rapid growth(10,000 units)china's output of

9、automobiles actual 口 targetnote: the target figure for 2005 is 3.2 million under the tenth five-year plan (2001-2005) for the automotive industry in china (which was compiled in 2001). output went beyond 3.2 million to a total of 3.25 million in 2002. output amounted to 4.44 million in 2003. output

10、totaled 1.35 million in 1994, when industrial policy for the automobile industry was formulated as china*s first industrial policy.objectives by 2010 under china's automobile industry development policy* to make the automotive industry into a core industry of the chinese economy.* to foster a so

11、und consumer market by promoting cooperative development of related industry and transportation infrastructure, and environmental protection.* to join among major auto produci ng court tries worldwide, and to almost satisfy domestic demand and to export products in large amounts overseas.* to improv

12、e capability for r&d and technological innovation to foster several global brand companies in the filed of vehicles/motorcycles/automotive parts* to foster several large-scale internationally competitive automobile production groups by preventing a number of small-scale companies from flooding t

13、he market.* to develop suppliers that can compete in the global market.fostering a large automobile corporate group with a market share of more than 15% and an independent management planas a principle of policy operation, integration is maintained of a basic role of resource allocation based on mar

14、ket mechanisms and macroeconomic adjustment by the government. one of the policies that bring the principle into shape is mandatory formulation of a development plan by a large-scale automobile corporate group, which mutually complements a medium- and iong-term development plan that national develop

15、ment & reform commissio n desig ns. large-scale automobile groups themselves formulate their own development plans based on the medium- and iong-term plan and carry out the plan independently as it wins approval from national development & reform commission.one of the requirements to become

16、a large-scale corporate group is having a 15% share of the market in china; currently two groups, china faw group corp(faw group) and shanghai automotive industry (group) corp. (saic group) have a marketshare of 15%. the new auto policy supports automakers developing into large-scale automobile corp

17、orate groups in the form of resource restructuring or encourages an automaker to form an allianee by complementing each company's advantage and sharing resourcesparticipation by foreign capital into such reorganization is also encouraged the new auto policy supports large auto corporate groups j

18、ointly in foreign auto groups consolidating/reorganizing automakers inside and outside of china, thus expanding their business range. in such a case, the restriction that limits the number of foreign shareholders to as many as two is not applied.as for a recent actual example, gm and saic (1) will j

19、ointly purchase the former daewoo motor's production facility in shandong provinee and (2) plan to bring jinbei gm automobile under the umbrella of shanghai gm. a wide variety of similar potentials have opened for other companies that have expanded into china.note: as a measure to expand the ran

20、ge of independent management, a notification system was introduced into a portion of investment that was required to win approval. for instance, in the case of production of a new model which is required to receive authorization from multiple government agencies, companies, if they meet the requirem

21、e nts, are able to obtai n approval through no tificati on and the gover nment's an noun ceme nt in a shorter time than beforeinvestments that are stipulated as subject to the notification system are as follows: (1) investment in expansion of production capacity and increases in a variety of sim

22、ilar products by self-financing (2) investment in motorcycles and motorcycle engines (3) investment in vehicles, and parts for agricultural vehicles and motorcycles.2003 output by major automobile corporate groups in china: top 10(unit)major foreign partner companiesoutputratiochina faw group corp.t

23、oyota, daihatsu, vw, audi, mazda858,73719.3%shanghai automotive industry (group) corp.vw, gm, volvo, ssangyong motor796,96917.9%dongfeng motor group corpnissa n, nissan diesel, hon da, psa, 丫ulon motor, kia473,01210.6%changan automobile (group) liability co., ltd.suzuki, ford, mazda, isuzu406,8619.2

24、%beijing automotive industry holding co., ltd.daimlerchrysler, hyundai motor, mitsubishi motors, isuzu347,9477.8%harbin hafei motor co., ltd.mitsubishi motors200,0074.5%jinbei automobile co., ltd.toyota124,4382.8%guangzhou automotive industry group corp.honda, toyota, isuzu122,5682.8%changhe aircraf

25、t industries (group) co., ltd.suzuki118,7212.7%nanjing yuejin motor group corp.fiat, iveco99,4692.2%other894,95720.1%total4,443,686100.0%source: ch泊a automotive industry newsletter of production & salesto streamline the structure of the industry by promoting selection and reorganization and by t

26、ightening conditions on the establishment of new automakersafter 2000, when vehicle production in china surpassed 2 million, the number of companies that had en tered into the field of vehicle producti on by taki ng over slumping automakers and other means in creased rapidly; an accumulated total of

27、 those companies has amounted to 24 since 2000. including those new entrants, more than one third of the 117 automakers were reported to be suffering from a deficit at the end of 2002.under the new auto policy, a system that leads corporate realignment is introduced to expand the scale of companies

28、and profit, to increase concentration of industry, and to prevent small automakers where production and management capability is lower from proliferating.authorization of production to automakers had previously been referred to as permanent qualifications, but the new auto policy makes clear provisi

29、 ons for the shut down of automakers .in con crete terms, n ames of automakers that fail to sustain management are made public and those companies are prohibited from transferring qualification of production to non-automobile companies .in additi on, compa nies whose n ames are made public are encou

30、raged to shift into production of specialty vehicles and automotive parts, or to reorganize with other automakers.proliferati on of automakers that are lacking in the tech no logical base is restricted by other aspects. the new auto policy sets man datory requireme nts for tech no logies in cludi ng

31、 automobile safety, environmental protection, fuel saving and anti-theft at the level that is compliant with mandatory requirements in the intern ational standard for vehicle tech no logies, thus establish! ng a certificati on system for automakers and products.companies and products that fail to me

32、et conditions for certification are eliminated from notification; therefore, business activities of those companies are virtually terminated moreover, under the new auto policy, requireme nts for approval for producti on by compa nies in elude requireme nts for capability for desig n and development

33、, production facility, stability of production and quality control capability, capability for sales and after-sales serviceconditions for the establishment of a new automaker are tighte ned. clearly in dicated conditions in elude the attachment of r&d facilities with an investment of more than 5

34、00 million rmb, a total investment of more than 2 billion rmb, and self-financing of more than 800 million rmb. companies that enter into production of passenger cars and heavy-duty trucks are also required to manufacture their engines.in addition, the lowest annual production volume is clearly indi

35、cated for companies that manufacture passenger cars and heavy-duty trucks from scratch.conditions of approval for a new investment in the new auto policyinvestment planconditions of approvalestablishment of a new motorcycle maker and a new motorcycle engine makertotal investment of more than 200 mil

36、lion rmb.holds capability for product development and meets its conditions.establishment of a new specialty vehicle makercapitalization of more than 20 million rmb.holds capability for product development and meets its conditions.new entry into production of another type of vehicle by automakertotal

37、 investment of more than 1.5 billion rmb.the ratio of liability to assets of less than 50%. credit rating by banks of aaa.new entry into production of passenger car by automakerrecord of mass-production of vehiclesaccumulated pre-tax profit in recent three years of more than 1 billion rmb.establishm

38、ent of a new automakertotal investment of more than 2 billion rmb. (selffinancing of more than 800 million rmb).attachme nt of r&d facility with an in vestment of more than 500 million rmb.companies that enter into production of passenger cars and heavy-duty trucks are required to manufacture th

39、eir engines as well.establishment of a new automotive engine makertotal investment of more than 1.5 billion rmb. (self-financing of more than 500 million rmb).holds an r&d facility and continuously improve its levels. meets a mandatory technical standardnote: the lowest annual production volume

40、is clearly indicated as part of conditions regarding production of passenger cars and heavy-duty trucksfour-cylinder engine passenger cars: 30,000. 6-cylinder engine passenger cars: 50,000. heavy-duty trucks: 10,000.the new auto policy succeeds in restrictions on vehicle production by foreign capita

41、l while restrictions are not applied to investment in the establishment of an export basethe new auto policy succeeds in restrict!ons on foreign automakers concerning the number of chinese joint venture partners to two companies in terms of passenger cars and commercial vehicles (two companies in te

42、rms of motorcycle as well), respectively, and also to a restriction of ownership stake of 50% or less. the new policy makes it clear that foreign automakers that are tied through management rights are regarded as the same company.although standards for management rights are not made public, if we se

43、t a standard at one third of the total share, mazda is regarded as being the same company as ford and nissan is regarded as the same as ren ault. in the mea ntime, as it was rec on firmed that foreign automakers are able to establish a tie up with two chinese companies, a joint venture with guangzho

44、u automotive industry by toyota, which is currently forming an allianee with china faw, is expected to win approval at an early datethe new auto policy was also designed to respond to the agreement in 2002, when china joined the wto. the limit on the ownership stake of 50% is a restriction accepted

45、when the country joined wto. there are no provisions including balanee of foreign currency on investment by foreign companies, balanee of import and export, requirements for nationalization (in an investment in automobile production, a local-content ratio of auto-parts of 40% or over was required be

46、fore), and requirements for exportincidentally, though standards for approval for production of vehicles to be exported and of automotive engines in the export and machining area are not made clear, nor are restrictions on the number of joint venture partners and the ratio of ownership stake applied

47、 there is a greater potential for business development using ch泊a as an export base; like the example of honda*s specialized export plant, honda automobile (china) co., ltd., which began production in guangzhou city (65% owned by honda, 10% by dongfeng motor corp., and 25% by guangzhou automotive in

48、dustry).note: outline of the agreement in the field of automobiles in 2002, when china joined the wto is as follows:(1) lowering of tariffs: import tariffs on passenger cars will gradually be lowered to 25% by july 1, 2006. the tariffs on buses will also be reduced to 25% by 2005 those on trucks wil

49、l be lowered to 15, 20, 25% between 2004 and 2005 (the ratio is different by gvw and the type of fuel).(2) quantitative restriction on imports: it will be completely abolished in 2006, until such a time when the import quota will gradually be expanded.(3) complia nee with trim agreeme nt (agreement

50、on trade-related in vestme nt measures): bala nee of foreig n curre ncy, bala nee of import and export, dema nd for nation alizati on, and dema nd for export will be eliminated from requirements of approval for investment plans from abroad(4) liberalization in the field of distribution: restrictions

51、 on entry by foreign capital into wholesale/retail sale of automobiles will completely be abolished in three years.(5) entry into auto financing by non-bank financial institutions: restrictions will be eliminated at the same time as the entry into the wto.a new restriction on the import of auto-part

52、s is introduced, requesting automakersto spin off their auto-parts divisionsthough the standard for a local-content ratio in terms of vehicle production was abolished, import controls were in traduced to foster auto-parts industry and suppliers in such a case where automakers manufacture finished ve

53、hicles by importing core components, the automakers need to report to customs house as well as to the ministry of commerce of the p r. china and national developme nt & reform commissi on. it is stipulated that if the ratio of import of core parts goes beyond a certain standard the products is r

54、egarded as an import of finished vehicles and that import tariffs on finished vehicles will be applied to imports of automotive parts .in effect, this is a regulati on which requires that more than several kinds of parts by assembled vehicle be manu f act u red in china .it can be said that it is a

55、system that desig nates nation alizati on of parts which adopts a selecti on system.note: incidentally, the import of used cars and used parts, and scrapping/assembling used cars and used parts imported as scrapped products are prohibited as beforecases in which tariffs on finished vehicles are impo

56、sed on imported partsassembly of vehicles by importing the body (including cabin), assembly parts and engine assembly parts.assembly of finished vehicles by importing either the body (including cabin), assembly parts and engine assembly parts, or three other assembly partsassembly of finished vehicl

57、es by, excluding body (including cabin) assembly parts and engine assembly parts, importing more than four other assembly partsnote: 1. assembly parts in elude body assembly including cabi n, en gine assembly, tran smissi on assembly, drive axle assembly, non-drive axle assembly, main frame assembly

58、, steering assembly and brake system.2. import of components of assembly sets and comp on ent module parts of assembly sets and systems is also regarded as import of assembly partsmoreover, to foster the auto-parts industry and companies that have a specialized field and hold capabilities for mass-p

59、roduction and supply of modules a specialized development program for parts will be made by classify!ng the respective auto-parts automakers are obliged to gradually foster their auto-parts manufacturing division in-house to independent specialized suppliers for external companies.suppliers are urged to make efforts to expand into the global market by aggressively par