China's National Development and Reform Committee has just ordered 144 domestic automakers to cease production-- part of an effort by the state to bridle excess capacity (said to be some two million units/year).....Of those companies affected, 124 will be prohibited from manufacturing any automobile-related output whatsoever.
You know what wild and crazy capitalists might do. they might take the excess units of production and sell them. But I mean folks keep telling me China is such a booming economic capitalist power.
maybe because the cars are garbage and full of stolen stuff?
The glove box wouldn’t close. Corroding engine. Need to pass standard safety and emissions tests. Then there's all those patent infringements that Chinese businesses committed on foreign companies (seemingly ignored by their government.) One reaction? "Business has to be interpreted in terms of laws around the world,” stated Kevin Wale, Australian president of the GM China Group.
But why let a little thing like that ruin your "capitalism"