Asia :Ford finance deal unlocks China - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
Ford Forum Ford Forum

» Auto Insurance
» Featured Product
ยป Wheel & Tire Center

Go Back   Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News
Register Home Forum Active Topics Photo Gallery Auto Loans Garage Mark Forums Read Auto EscrowInsurance

FordForums.com is the premier Ford Forum on the internet. Registered Users do not see the above ads.
Reply
 
LinkBack Thread Tools Display Modes
Old 07-01-2003, 04:54   #1 (permalink)
Registered User
 
Stacy94PGT's Avatar
 
Join Date: Feb 2001
Location: The Hills of North Georgia,USA
Posts: 7,859
Asia :Ford finance deal unlocks China

BBC World News

One of China's top four state-owned commercial banks has agreed to provide finance to Ford car buyers.

The deal, with China Construction Bank (CCB), represents a major breakthrough for Ford in China, vastly improving its ability to sell cars in the world's fastest growing market.

Car makers are forced to enter into agreements with local banks to enable Chinese customers to buy their products because only commercial banks are allowed to offer auto financing.

Early this year, Bank of China said it would offer car finance for the local market leader Volkswagen's customers.

Other car makers are expected to follow suit as they desperately seek to enter this potentially huge market.

Angry

Many foreign car makers have already set up substantial manufacturing operations in China, often as joint ventures with domestic players.

Others, such as the Ford-subsidiary Volvo, are instead exporting to China.

"As China's car market is opening, competition has depended more on sales networks and after-sales services than on products," said Ong Eng Song president of Volvo's China operations.

But sales to the Chinese have been held back by the country's bureaucrats' reluctance to let global car giants offer auto finance.

The People's Bank of China has so far failed to inform the car makers about how their Chinese operations would be regulated, thus preventing them from fulfilling their subsidiaries' potential.

Such barriers to market entry have made the car makers angry because the Chinese had promised to fully open up its market when it joined the World Trade Organisation in December 2001.

The delays have enabled local car makers to develop.

Such Chinese car firms, which tend to make small, cheap cars, are quickly becoming powerful forces in their local market.

CCB is one of China's biggest lenders, operating tens of thousands of branches and sub-branches across the country.

(Photo)A lunchtime crowd, some 100 strong, goggle at the three female bodies gyrating on a stage
Attached Images
File Type: jpeg _39229670_china_203.jpeg (9.4 KB, 5 views)
__________________
Stacy94PGT
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.

My next Ford.....
Stacy94PGT is offline   Reply With Quote
Sponsored Links
Advertisement
 
Reply

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
U.S. Ford leadership depth critical to turnaround Stacy94PGT Ford Worldwide News 0 06-15-2003 04:17
FORD TOUGH: The pressure's on for Bill Ford Jr. to finish first Stacy94PGT Ford Worldwide News 0 06-10-2003 04:52
'Henry had the dream' Stacy94PGT Ford Worldwide News 0 03-28-2003 05:58
A CENTURY OF VISION: Fords built city, changed the world Stacy94PGT Ford Worldwide News 0 03-12-2003 07:17
Ford Product-Led Transformation: 2003 RPO83 Trans | Driveline 0 07-22-2002 06:48

Powered by vBadvanced CMPS v3.2.2

All times are GMT -7. The time now is 14:37.



Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0
Garage Plus vBulletin Plugins by Drive Thru Online, Inc.