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7 of 8 China carmakers log 1st-half profit gains, thanks to subsidies

Guangzhou Automobile Group's compact SUV GS-4 (Photo by Yu Nakamura)

GUANGZHOU -- Earnings at Chinese automakers are sharply expanding thanks to government subsidies to encourage purchases of environment-friendly vehicles and tax breaks for small cars.

Of the eight major listed carmakers that had released their January-June earnings reports as of Tuesday, seven logged higher profit and sales compared to a year ago.

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