Economics
China Should Boost Local Brands to Be Auto Superpower, CAAM Says
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China should strive to become an “automotive superpower” to maintain economic growth, by increasing investment in research and encouraging official use of local brands, the head of the nation’s carmakers group said.
The country’s automakers spend less than 2 percent of revenue on research and product development, or about half the global average, Dong Yang, secretary-general of China Association of Automobile Manufacturers, said on his blog yesterday. The government should offer incentives to encourage research and adopt local brands for official use, he said.