Toyota refuses to compensate Chinese customers for car recalls
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China's business press carried the following stories on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Toyota refuses to compensate Chinese customers for car recalls -- China Business News
RAV4 owners in China will not receive economic compensation for their recalled cars, and the company will only provide a free checking service, said general manager of Faw Toyota Motor Sales Co. Ltd. Hideaki Matsuki in an interview with China Business News.
What Matsuki said contradicts the information released by the Zhejiang Administration for Industry & Commerce on March 29, stating that Toyota would compensate the RAV4 owners according to local regulations. Previously in 2004, Toyota only followed China's national regulations concerning car recall issues, which does not have compensation clauses.
According to Matsuki, 63,367 vehicles, or 84 percent of RAV4 nationwide, have been recalled. The recalls are expected to be completed by April. Customers who have already placed an order for a RAV4 can get full refund of the deposit if they want to cancel the reservation. Since repairing the cars will only take 30 minutes, customers will not be provided with a temporary car. The total cost of recalls and service fees will be paid by the manufacturer, not the dealers.
EU to have double-anti inspection on China's copper-plated paper -- China Business News
The European Commission has published a notice that the EU paper industry is submitting an application of anti-subsidy inspection on China's copper-plated paper, requesting an inspection on Asia Pulp & Paper Co., Ltd. (APP) and a number of other Chinese enterprises, with US$150 million involved. The European Commission is expected to make the decision within 45 working days, according to the China Business News on Thursday.
If the application is filed, this will be the first-ever "double-anti inspection" case by the EU on China's copper-plated paper industry. The European commission approved the anti-dumping investigation on China's copper-plated paper on February 18 this year.
An official from the Chinese government said in an interview that the anti-subsidy case is in relation to China's economic system, including preferential loans, income tax exemption, indirect tax, grants, low-price raw materials and policies for special economic zones. The Chinese government is highly concerned about this case.
China's export credit insurance to hit US$120 bln -- 21th Century Business Herald
Under pressure for the revaluation of the yuan and because China's export tax rebates are limited, China's export credit insurance policy will be executed in a wider range this year, according to an official from the Ministry of Commerce on Wednesday.
The State Council plans to allocate at least US$120 billion in 2010 for short-term export credit insurance. The official also said that insurance for large sets of equipment and export financing is expected to increase by US$50 billion.
The short-term export credit insurance is a measure taken by the government to provide protection for high-risk businesses.
