China has cut government-set fuel prices for the first time in 16 months. The National Development and Reform Commission cut the retail price for gasoline and diesel by ¥300 per ton, or ¥0.22 and ¥0.26 respectively per liter. The price had been marked up four times over the past 16 months.
Air passenger traffic grew 5.2% year on year to 5.98 million people during the week-long vacation through October 7, 2011, according to the Civil Aviation Administration of China.
China exported 310,000 passenger cars and 220,000 commercial vehicles in the first eight months of this year, up 83% and 37% year on year respectively, the China Association of Automobile Manufacturers said.
SHC, the Brazilian distributor of Anhui Jianghuai Automobile Co (SHA: 600418) , said it plans to invest $510 million building a factory in the South American country, with 20% of the project to be funded by the Chinese MPV and truck maker. The factory, to be based in Bahia, is expected to produce 100,000 vehicles a year when operational by 2014.
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