GM shares fall on reports of antitrust penalty in China

IndustriesAssociated Press

Shares of General Motors are falling after a Chinese state-run newspaper reported that the government will penalize a U.S. automaker soon for alleged anti-competitive behavior.

The China Daily didn't identify the company but quoted the government's top price regulator as saying the automaker would be fined for "impeding competition."

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The story comes the same day as a Chinese government spokesman said any change in U.S. policy toward Taiwan will damage stability in the region. Over the weekend President-elect Donald Trump said he didn't feel bound to recognize Beijing as China's sole government.

GM sells more cars in China than any other U.S. automaker. The company says it respects local laws. China has been investigating GM for two years.

GM shares fell 3.1 percent to $36.21 in Wednesday morning trading.