China 'critical' to future growth of new GM, CEO says

General Motors' CEO Fritz Henderson said the Chinese market would play an important role in the success of the so-called "New GM" that is to emerge from its Chapter 11 bankruptcy restructuring.

"China remains a key part of our business," Henderson said at a press conference held at Monday noon (local time) in New York. "Our ventures in China are a critical part of the new GM - unequivocally. Our business in China continues to grow at a very past, even torrid pace and remains a critical part of GM going forward."

Henderson also said the company had no plans to use its production facilities in China to sell cars in the US to build market share. "One of the bedrock principles has been to build where we sell," he said. "The same philosophy guides our business in China, where more than 99 percent of what we sell in China, we build in China."