The China Banking Regulatory Commission (CBRC) recently approved German-US carmaker giant DaimlerChrysler to set up an auto finance company in China.

The new finance company, whose headquarters is to be located in Beijing, will begin its service in the fourth quarter this year. The company will hire about 50 employees in its initial stage.

The company will provide finance and insurance services for both car dealers and consumers of passenger cars and commercial vehicles, according to DaimlerChrysler sources.

(Xinhua News Agency September 16, 2005)