volkswagen china (revise)

8/3/2019 Volkswagen China (Revise)

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Volkswagen China

Ivan R. Wikanta | Alben Octorys Suherman |Xing Liting


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Why CHINA??


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Why Auto Manufacturers are very eager to

invest in China?

To capture the demand by growing Chinese market

- By 2002, VW AG has already sold over 500,000 cars inChina (Business Monitor, 2008)

Country Attractiveness :- China has biggest population in the world (over 1.3 billionpeople). (Chinese Government Statistics, 2008)- The biggest Export & Import in Asia :

Export US$1.581 trillion.Import US$ 1.327 trillion. (CIA World Factbook, 2008)

- The biggest in current balance : US$305.4 billion(CIA World Factbook, 2008)


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Why China? (continued)

Industry Globalization Potential (Michael E. Porter, 2010)

Source : http://growthequity.wordpress.com/2011/05/19/global-expansion/


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Why China?

0 200,000 400,000 600,000 800,000 1,000,000

GDP (100 million yuan)

Average Wage (rmb/year)

Beijing

Shanghai

Average Wage hired by Foreign Funded Company (rmb/year)

Beijing

Shanghai

Number of Staff Employed by Foreign Funded Units

Foreign Funded Co.

Total Amount of FDI (USD million)

Number of Automobile Per 100 Urban Households (unit)

Beijing

Shanghai

Taxi

Shanghai Taxi

China Competitiveness Index

2006

2005

2004

2003

2002

2001

2000


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Volkswagen CHINA


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Volkswagen China

Volkswagen China Timeline (Volkwagen AG, 2010)Source : http://www.vgc.com.cn/cds/?menu_uid=551
http://www.vgc.com.cn/cds/?menu_uid=551http://www.vgc.com.cn/cds/?menu_uid=551


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VW China

The investment of Volkswagen in China : > 6 billion Euros (1984 to2005). Volkswagen is currently represented by 13 companies inChina

1. Shanghai Volkswagen Automotive Company

II. FAW Volkswagen Automotive Company

III. Further Companies Shanghai Volkswagen Automotive Company

Founding year 1984 (production start: 1985)

Headquarters Shanghai

Equity holders Volkswagen AG (40%), VW (China) Invest (10%), SAIC

(50%)

Employees 2006 11,111

Products Passat, Touran, Polo hatchback, Polo saloon, Golf, Santana,Santana Variant, Santana 3000

Source : http://www.vgc.com.cn/cds/?menu_uid=556


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VW China

FAW-Volkswagen Automotive Company Founding year 1990 (production start: 1991)

Headquarters Changchun/Jilin province

Equity holders Volkswagen AG (20%), VW (China)

Invest (10%), Audi AG (10%), FAW (60%) Employees 2006 8,847

Products Volkswagen: Sagitar, Golf, Bora (hatchbackand notchback), Jetta, Caddy



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VW China

Further Companies

Volkswagen (China) Investment Company in Beijing (VW AG 100%)

Volkswagen Transmission (Shanghai) Company (gear boxes), VW (China)60%, FAW 20%, SAIC 20%

Volkswagen FAW Platform Company (power train), VW 60%, FAW 40%

Shanghai Volkswagen Powertrain Company (engines), VW (China) 60%,SAIC 40%

Volkswagen FAW Engine (Dalian) Company (engines), VW (China) 60%,FAW 40%

SAIC-Volkswagen Sales Company, SAIC 50%, VW (China) 30%, SVW 20%

FAW-Volkswagen Sales Company, FAW-VW 99%, FAW 1%

Volkswagen Import Company, VW (China) 100%

Volkswagen Finance (China) (financial services) VW AG 100%

Sitech Dongchang Automotive Seating Co. (seats), Sitech GmbH 60%,Dongchang 20%, Etern 20%

Volkswagen Beijing Center Company (sales, service), VW (China) 70%,Automobile Repair Company Beijing 30%Source : http://www.vgc.com.cn/cds/?menu_uid=556


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Pricing Strategy of VW China

The NMS Passat is made in China by the Shanghai-VW joint venture and called New Passat. It waslaunched yesterday two days before the start of theShanghai Auto Show. Engines: 1.8 TSI, 2.0 TSI and

3.0 V6. Price starts at 218.800 yuan and ends at310.800 yuan. See below for details.

Source : http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/


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Market Competitiveness



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Government Policies& International Regulations (WTO)


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WTO and China

China joined the WTO on December 11st2001 as the 143rd member.

Conditions for China to enter WTO include

(1) the lowering of tariffs for imports, (2) thepermission of foreign firms to sell directly inthe Chinese domestic markets and (3) theopening of the telecommunication and financesectors to more foreign competition.

Source: www.wto.org
http://www.wto.org/http://www.wto.org/


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WTO and China

Source: www.people.com.cn
http://www.people.com.cn/http://www.people.com.cn/


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WTO Changes for the Auto Industry

Source: Gao (2002)


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Source: Asian Automotive Industry Forecast Report. Global Insight, April


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Local Partners

Source: MBAlib


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Local Partners

SVW Shanghai plant was by far the winner among allnew JVs, as it produced cars that could function as taxis,vehicles for government officials.

Incentive to Shanghai taxi companies, helped ensure asafe market in the companys relatively wealthy home

arena. This is an ongoing

business as old taxi with

500,000 thousand km

mileage will be replacedby new cars.

This is a sustainable

business for Volkswagen.


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Impact of WTO in China

Positive impacts:

1. The Chinese economic system is a bureaucratic marketeconomy. The bureaucrats in many state enterprises arepolitically protected. They can receive substantial gainswithout working hard for the enterprises. The same

bureaucracy applies to the banking sector.Foreign competition could provide a powerful forceto combat bureaucracy and inertia in Chineseeconomic institutions Firms that fail to compete will

have to find ways to downsize, to reorganize or toadopt new technology and new ways ofmanagement in order to survive


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2. The gain from specialization through international trade. Thegain is achieved by a change in the composition of outputs. With

lower tariffs and more foreign goods made available in domestic

markets, total products for consumption will increase. Increased

exports will also stimulate the growth of GDP.

3. Competition from imports and from foreign ownedenterprises in China will force domestic firms to become more

efficient.

4. The psychological effects resulting from the status of

membership may make the leaders more willing to adoptdemocratic reforms and make the Chinese citizens more willing

and patient in following their leaders in guiding the gradual

political changes in China towards a more democratic

government


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Negative impacts:

1. Additional unemployment can be caused by thefailure of domestic manufacturers

2. Rapid changes in legal institutions may involve

breaking down the social fabric of the Chinesepeople as they abandon their former ways to settledisputes and attempt to adjust to the new legalsystem. As political stability is important inpromoting changes toward democratic institutions,rapid changes in political institutions may generatepolitical instability and be harmful to the adoptionof democratic institutions


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Competition


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Competition

General Motors Ford Japanese Automakers

In 2001, GM begin selling theBuick Sail, based in Opel Corsa,starting at $12,000 and equipped

with dual airbags and anti-lockbrakes

Ford bought a 30 percent stakein China's Jiangling Motors.

Beginning in 1997, Ford beganproducing a commercial-

passenger van, the Transit, andother small trucks with Jiangling

Motors

Japanese carmakers are in atough fight for shares of theskyrocketing Chinese auto

market.

A Joint Venture with ChinaBrilliancie produced a version of

the Chevy Blazer and S1-10pick-upbrakes

In September 2008, Fordannounced it would begin

construction on its 3rd plant inChinaa $490 million factory in

Chongqin

Despite the explosive growth ofthe Chinese market, sales ofJapanese cars have failed toexpand, with market shareactually dropping from 25.7percent in 2008 to about 20

percent in 2010Future Competition : In April

2011, GM said it hoped to doublesales in China by 2015 to 5

million vehicles

The plant will make 150,000vehicles a year boosting Fords

annual production to 600,000vehicle

Nissan Motor Co. was the onlyJapanese firm to sell a million

cars in China last year.

Source : http://www.chinatoday.com.cn/English/y200212/wto.htm
http://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htm


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Competition

China imported 17,268 automobiles -- an increase of12.6 percent

Import value amounted to US $442 million -- anincrease of 16.3 percent.

Total imports of luxury cars with an exhaust volumeof 3.0 or higher at six ports of entry increased by94.7 percent

Source : http://www.chinatoday.com.cn/English/y200212/wto.htm
http://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htm


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Future Predictions

By 2015 -> become greatest number of domestic carsales and produce the most (export). Expectedexceed 18 million (january october 2010 salesfigures already exeed to 14.7 million)

Auto imports will not soar since china is expected tocancel its car import.

Source :htt ://www.k m .com/Global/en/IssuesAndInsi hts/ArticlesPublications/Documents/Global-Auto-
http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdf


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Sustainability
http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdf


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Is VW China Sustainable?

Current Market Situation & Outlook

The opening up of the Chinese market as a result of their WTOmembership in 2001 means, that all internationally active carmanufacturers are now present in China with joint venture partners.

The unchanged fierce competition steps up the pressure on theentire sector. The opening up of the Chinese market as a result oftheir WTO membership in 2001 means, that all internationallyactive car manufacturers are now present in China with jointventure partners.The Chinese passenger car market grew in Mainland China 2006 by a

further 26.1%, expanding to 4.15 million units. The VOLKSWAGEN

Group again leads the Chinese passenger car market in 2006 with ashare of about 17.1%.The Chinese passenger car market is expected to show healthydevelopment in the mid-term. The still low motorisation rate incomparison with international levels and the governments highly goal-oriented policies serve to substantiate these assumptions.

http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdf


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Is VW China Sustainable? (continued)

Demand & Sales Figure Sales in Asia Pacific were up 17.6% at 2.15m with China accounting

for 1.89m of those. (Just Auto, 2008)

With annual growth hovering above 30 percent in recent years, the

Chinese auto market is rapidly surpassing the United States as theworlds most lucrative and strategically important. Foreign-originbrands, most of which are manufactured in China through jointventures, accounted for 64 percent of total sales in 2010, accordingto the China Association of Automobile Manufacturers. (New YorkTimes, 2008)

In 2007, the Group's sales of 1.9 million units in China represented26.7% of its worldwide sales and this rose to 27.4% in the first ninemonths of 2008. Note that VW's two Chinese joint ventures,Shanghai-Volkswagen Automotive and FAW-VolkswagenAutomotive, are not consolidated subsidiaries but VW reports theirvehicle sales in its consolidated totals. (Automotive World, 2008)
http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.automotiveworld.com/oem-tracker/china-faw-group-corporationhttp://www.automotiveworld.com/oem-tracker/china-faw-group-corporation


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Product Piracy


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References Industry Globalization Potential (Michael E. Porter, 2010) Source: :

http://growthequity.wordpress.com/2011/05/19/global-expansion/

Volkswagen Group China (Volkswagen AG, 2010). Source :http://www.vgc.com.cn/cds/?menu_uid=551

China News Daily (2008). Source http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/

China Today (2002). Source : Source :http://www.chinatoday.com.cn/English/y200212/wto.htm

KPMG (2010). Source :

http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdf

Just Auto (2008). Source : http://www.just-auto.com/news

New York Times (2008). Source : http://www.nytimes.com/pages/world/index.html

Automotive World (2008). Source : http://www.automotiveworld.com/news/oems-and-markets

United States Office of Automotive Affairs (2002) Chinas Automotive Market

World Trade Organization www.wto.org Gao, Paul (2002), A Tune-up for Chinas Auto Industry, McKinsey Quarterly, No.1, p144-

155

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mg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents/Global-Auto-Executive-Survey-2011.pdfhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.chinatoday.com.cn/English/y200212/wto.htmhttp://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.carnewschina.com/2011/04/18/volkswagen-new-passat-listed-priced-in-china/http://www.vgc.com.cn/cds/?menu_uid=551http://www.vgc.com.cn/cds/?menu_uid=551http://www.vgc.com.cn/cds/?menu_uid=551http://www.vgc.com.cn/cds/?menu_uid=551http://www.vgc.com.cn/cds/?menu_uid=551http://www.vgc.com.cn/cds/?menu_uid=551http://www.vgc.com.cn/cds/?menu_uid=551http://www.vgc.com.cn/cds/?menu_uid=551http://www.vgc.com.cn/cds/?menu_uid=551http://www.vgc.com.cn/cds/?menu_uid=551http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/http://growthequity.wordpress.com/2011/05/19/global-expansion/


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