During Vice President George Bush's visit to Peking last October, Chinese officials beamed as he ceremoniously climbed behind the wheel of a locally made vehicle. This was no clunky black sedan, but a slick four-wheel-drive Cherokee fresh off the assembly line of the Peking Jeep factory. A joint venture of American Motors and a Chinese government-run automaker, the newly retooled plant stood as a promising symbol for Western companies planning to do business in China. Yet after turning out just 800 Jeeps and operating for less than a year, the factory expects to halt production in mid-June for two months or...
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