BEIJING, Dec. 19 (Xinhua) -- The National Development and Reform Commission (NDRC), China's top economic planner, launched a document on Tuesday stating that China will cancel the approval procedure for auto investment projects.
According to the document, the approval procedure will be completely replaced by local registration management, and investment projects concerning auto manufacturing should be registered in provincial development and reform departments.
The document, which will be effective as from January 10, 2019, is a comprehensive guideline for investment management in China's automobile industry covering fields such as investment directions and standards, project registration management, synergistic supervision and production capacity monitoring.
With the profound changes in the development modes of automobile industry, the need for prior approval is significantly reduced, and abolishing the procedure will help create a better policy environment for local development and enterprises, noted an official of NDRC. (Edited by Gu Shanshan)
A single purchase
