GM to invest $11bn in China

The CEO of General Motors (GM) said on Wednesday that the major automaker's joint ventures in China plan to invest a further 11 billion U.S. dollars by 2016. Speaking during a visit to the eastern Chinese city of Shanghai, Mary Barra said the money will be allocated to three areas: products, production capacity and recruitment. Barra added that GM will launch 19 new models and redesigns in China this year, and focus on sales of Chinese consumers' favorite brands such as Buick, Chevrolet and Cadillac. China has been the largest consumer market for GM in the past five years. Shanghai General Motors Co. sold 1.58 million vehicles in 2013, up 13.1 percent year on year.