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BEIJING, June 8 (Reuters) - General Motors Corp (NYSE:GM - News) expects to start its car financing business in China by September or October, helping to boost the U.S. auto giant's sales in one of its fastest-growing markets, an executive said on Tuesday.

"We hope we might be operational by the end of the third quarter or the early fourth quarter," Christian Weidemann, GM China's director of financial services, told an auto summit in Beijing.

China issued rules last October to allow car makers to offer credit to their customers, and GM said it was the first foreign car company to apply when it asked for approval in late December.

"It didn't help us really, because we are still waiting for our licence and we probably still have some time to go," Weidemann said.

"If you ask me again in a month, I will probably tell you we will get approval later," Weidemann said with a chuckle.

Weidemann said fewer than 20 percent of new cars sold in China were financed, with large state banks dominating the market.

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