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Chinese News in a Week – Week 19 of 2007 (07th May – 14th May)

1 – Export-Import Bank of China signing ceremony
On May 13th, the Export-Import Bank of China and Nanjing Automobile Corporation held a signing ceremony for a strategic cooperation agreement. This follows a 500 million yuan loan from the bank which was announced last December.

Funding from the Export-Import Bank of China is significant in that it is allocated for global development including the funding of Nanjing MG UK.

Following the ceremony Li Ruogu, the Import and Export Bank of China president, made a visit to the Pukou MG factory during which he said:

"The Import and Export Bank of China will fully support the funding of the Nanjing automobile industry development.",

he also praised the astonishing speed of development at Nanjing MG:

"This has surprised the world, the outcome is a miracle, Nanjing MG people have made the impossible possible, amazing!"


2 - British factory Resurrection

Nanjing Automobile (UK) Chairman Wang Hongbiao announced to the world that starting with an initial annual production of 15,000, Nanjing MG UK plans to recapture the original British sales of 50,000 within two years and to develop one new sports car by 2009.

According to Wu Ming, MG Technical Director, operations in the UK will include assembly on a shared line of the MG-3, MG-5 and MG-7. There will also be manufacture of the TF sports car. A small MG-TF assembly line is also located at the Nanjing Pukou factory.


Previous Week | Week 19 | Next Week
Reference back to "Lot of Chinese News, Part 3": page 8

P.S. Sorry for the rather late news, there wasn't any new news from China until today.
Massive thanks to Windy for compiling the news.
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