Reporters' Log

SAIC Motors says no acquisition plans for 2009

By (Agencies)
Updated: 2009-03-08 13:45

China's SAIC Motor has no plans for acquisitions this year and its key business focus will be optimising current resources, a senior company executive said on Saturday.

China has introduced support measures for the industry, including consolidation of car makers. Worldwide, major auto firms are facing huge pressures amid falling demand.

This has provided buying opportunities for major Chinese car makers, including Shanghai-based SAIC, the largest in the country.

But Chen Hong, the president of SAIC, told reporters on the sidelines of the annual session of parliament the firm had no acquisition targets this year.

"Now we are not interested in acquisitions and we don't have any plans (for acquisitions)," Chen said.

"Major efforts will be put in how to utilise current resources and make the best use of them," he said.

SAIC's January and February sales grew 7.6 percent from a year earlier, mostly helped by stimulus plans, Chen added.

Central Economic Work Conference

• Interest Rate Cut
• 30 Years of Reforms
• Coping with Financial Crisis
• Housing in China
• 2008 Tsinghua Management Global Forum
• more

Hot Words

• 政府注資 pump priming
• 軟環(huán)境 soft environment
• 糧食最低收購(gòu)價(jià) crops' minimum purchase prices

• 保八 Eight Percent Protection
• 以人為本 Put People First
• 農(nóng)民企業(yè)家 Farmer-turned-entrepreneur
• 窗口指導(dǎo) window guidance
• 下崗再就業(yè) Re-employment after being laid off
• more

From Foreign Press

• German media give full coverage to Premier's report
• Overseas press praise China's 8% economic growth
• German media: Economy tops agenda at NPC session
• From the foreign press
• World media keeps close watch on 'two sessions'
• more

Letters

• Corruption top issue for public
• China adopts Food Safety Law
• China's economic growth in 2009
• more