China commerce ministry to join govt crackdown on intense auto competition
BEIJING, June 5 (Reuters) - China's commerce ministry said on Thursday that it would collaborate with other government departments to step up rectification of the excessive competition in the auto market.
The ministry will strengthen compliance guidance to ensure fair market competition and promote healthy industry development, commerce ministry spokesperson He Yongqian said.
Auto industry associations, research institutions and companies attended a meeting recently organised by the ministry, He said, without elaborating.
The ministry scheduled a meeting last week with industry bodies and automakers including BYD (002594.SZ), opens new tab and Dongfeng Motor (0489.HK), opens new tab to discuss increasing sales of "used cars" that were never driven, Reuters reported.
The industry ministry and the China Association of Auto Manufacturers called for a halt to the industry's bruising price wars over the weekend.
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