China carmakers may be 'destroyed' if foreign caps lifted

Chinese state-owned auto giants such as SAIC Motor Corp. and Dongfeng Motor Group Co. may see billions of dollars in profits evaporate if the government lifts protectionist measures and lets foreign companies operate without a local partner. China requires overseas carmakers such as General Motors, Toyota and Volkswagen to form joint ventures with locals in order to sell their brands in the world’s biggest market. The policy enacted two decades ago capped foreign investment at 50 percent, helpin...

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