皇冠体育app

General Motors Corp. has become the first foreign automaker to apply for a license to handle vehicle financing in 皇冠体育app, where the market for new cars is growing rapidly, the company said.

GM said its financing arm, General Motors Acceptance Corp., and Chinese partner Shanghai Automotive Group Finance Co. applied this week for financing authority with the 皇冠体育app Banking Regulatory Commission. The automaker gave no timeframe for the application process.

Also this week, GM, Ford Motor Co. and DaimlerChrysler AG all reached trade pacts with 皇冠体育app that allow them to export thousands of vehicles to Chinese markets. The Big Three and other automakers already build some vehicles in 皇冠体育app.

In keeping with a pledge it made when it joined the World Trade Organization in 2001, 皇冠体育app last month published regulations for foreign companies to offer auto loans. It provided further details earlier this week.

For now, most auto purchases in 皇冠体育app are done in cash.

``We see great market potentials in the auto financing segment in 皇冠体育app,'' said Richard J.S. Clout, executive vice president of GMAC's international operations. ``We expect auto financing will grow 60 to 80 percent in the coming years.''

Other major automakers are studying the new rules. They require, among other things, that a lender's total guaranteed loans not exceed 200 percent of its registered capital. Also, 60 percent of the company's staff must have work experience in the finance field or studied finance in college or at a vocational school.

If the regulatory commission rejects an application, a company must wait six months to reapply.

Ron Iori, spokesman for Ford's financing division, said the company was working with Chinese authorities to understand specifics of the regulations.

``We'll have to study the details before we move forward,'' he said.

The Big Three and every other major automaker are trying to increase their presence in 皇冠体育app, which this year is expected to pass Germany as the world's third-largest vehicle market behind the United States and Japan.

GM, the world's largest automaker, estimates 皇冠体育app's total passenger vehicle sales will grow 29 percent to 4.4 million this year. That compares with roughly 17 million vehicles expected to be sold in the United States.

GM said its new deal with 皇冠体育app, which includes exporting Cadillacs and other whole vehicles as well as components and assemblies, is worth about $1.3 billion.

The automaker said it sold 305,000 vehicles in 皇冠体育app through October, 40 percent more than the same period last year. GM's Chinese market share is about 8 percent.

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