Minister to use Hongqi

Chinese Foreign Minister Wang Yi will take as his official vehicle a Hongqi H7 sedan produced by the First Automobile Workshop Group (FAW), media reports said Monday. The move has been generally considered a positive signal toward the company as well as the domestic car industry.

Share prices in the company gained 1.73 percent to reach 14.1 yuan ($2.30) per share on Monday.

FAW, China's first automobile manufacturer of sedan limousines, quietly initiated its Hongqi Revival Program in 2008 with a total investment of 5.2 billion yuan.

According to the company's development strategy for the Hongqi brand, the H-series sedan will target China's booming high-end vehicle market, competing with German luxury brands Audi and Mercedes-Benz.