FAW Asks China to Restrict Overseas Carmakers

FAW Group Corp. is urging the Chinese government to order foreign-based carmakers to do more to foster local brands, Bloomberg News reports.

The news service cites a speech by a senior FAW executive to the annual meeting of a top federal advisory group, the Chinese People's Political Consultative Conference.

The state-run company urges Beijing to impose limits on overseas automakers that seek only to boost their sales in China. It also wants the government to enforce rules that bar foreign carmakers from having more than two Chinese partners. FAW has joint ventures with General Motors, Mazda, Toyota and Volkswagen.

Bloomberg notes that China's automakers have been prodding the government to do more to protect their shrinking market share from foreign competition.