GM to Take More Than $5 Billion in Charges on China Operations

A rundown of the news making headlines in and around China:

Auto losses: U.S. auto giant General Motors Co. expects to take more than $5 billion in charges on its China joint venture with SAIC Motor Corp. Ltd. The two charges are related to a restructuring of the JV — including plant closures — and its reduced value. GM’s China business, once a major profit driver, is now taking on losses, underscoring foreign carmakers’ struggle to compete with domestic rivals in the world’s largest auto market. Chinese carmakers have grown rapidly in recent years, buoyed in part by government subsidies and an early move in the electric vehicle sector, which they have sustained with cutthroat sales strategies, trumping once-dominant brands such as Mercedes-Benz, BMW, and Audi in the luxury segment.