December 18, 2018 / 6:40 AM / 6 months ago

China to restrict auto industry investment: state planner

SHANGHAI, Dec 18 (Reuters) - China’s state planner said on Tuesday it had approved tougher new regulations on investment in the auto industry that spooked carmakers earlier this year, as Beijing tightens the screws on firms adding manufacturing capacity.

The National Development and Reform Commission (NDRC) also said that it would ban the establishment of new independent enterprises making only traditional combustion engines, amid a wider push towards electric cars.

A draft of the policy alarmed some foreign carmakers in September, who worried Beijing was trying to trigger consolidation of the country’s flabby auto industry through mergers and strategic cooperation. (Reporting by Yilei Sun and Adam Jourdan in Shanghai; Editing by Stephen Coates)

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