The Beijing No. 1 Intermediate People's Court declared the bankruptcy of the China Automotive Industry Sales Corporation in accordance with law.
According to the court, the China National Automobile Industry Sales Corporation was established in 1992 and mainly relied on the state plans to deploy and some of the services provided by its superior management department, China National Automobile Industry Corporation, in the course of performing industry management functions. With the cancellation of the industry management function of China National Automotive Industry Corporation and the deepening of the market economy, the company’s original business model cannot adapt to market competition, and the company’s survival is seriously affected.
Because the company could not adapt to the requirements of market economy and economic system reform, resulting in a large number of non-performing assets, difficulties in operations, and increasingly serious losses, it was unable to pay off due debts and hoped to turn its back to Beijing No. 1 Intermediate Court to apply for bankruptcy.
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