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在线翻译:
szdaily -> Business/Markets -> 
At a Glance
    2020-03-31  08:53    Shenzhen Daily

New policies mulled to stimulate auto demand

THE government may issue new policies to stimulate demand for automobiles, with the country’s auto industry still facing difficulties, Xin Guobin, vice minister of industry and information technology, said yesterday.

There is still not enough demand for autos, Xin told reporters, as the outbreak of the coronavirus has dramatically cut private consumption. Autos account for a big portion of China’s overall industrial production, and are the main driver of the country’s retail sales. China is also working to help its auto spare parts manufacturers resolve cash flow problems, Xin said.

Geely warns of virus headwind after profit drop

GEELY Automobile Holdings yesterday said 2020 may be “amongst the most difficult years” in its history, as pressure stemming from the coronavirus pandemic on production and sales is likely to persist in the near future.

The automaker, based in Zhejiang, also said lower sales drove net profit down 35 percent in 2019 when the country’s overall auto market suffered a prolonged slump. The automaker posted profit of 8.19 billion yuan (US$1.15 billion).

BAIC, Didi plan car leasing service

AUTOMAKER BAIC Group and ride-hailing service provider Didi Chuxing plan to team up with other industry players to lease BAIC’s cars to customers amid concerns about ride hailing and vehicle sharing eating into car sales.

The companies, which have a joint venture to develop “next-generation connected-car systems,” will partner with electric vehicle (EV) battery maker CATL, State Grid, Postal Savings Bank of China and online used car trading platform Uxin to build an “exchange of car use right.” They aim to have a fleet of 100,000 cars for leasing in the next three years, companies said in a statement.

Sinopec expects lower refining runs

ASIA’S top refiner China Petroleum Chemical Corp., or Sinopec, expects that its full-year 2020 refining runs will be lower than in 2019 because of a contraction in Chinese fuel demand caused by the coronavirus outbreak.

The demand contraction will last for the first half of this year and lead to lower full-year demand but refined oil consumption is expected to return to normal in the third or fourth quarter, said Ling Yiqing, vice president of Sinopec, during an earnings call yesterday.

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