Restrictions on foreign automakers to be relaxed
Print Edition
CHINA will launch a pilot scheme in the first half of next year that aims to relax restrictions on foreign firms’ ownership of new-energy and special-use vehicle businesses set up in free trade zones, the foreign ministry said yesterday.
China, which levies a 25 percent duty on imported vehicles, has not allowed foreign automakers to establish wholly owned factories. Media reports say it is considering allowing foreign investors to increase stakes in new electric vehicle firms.
The ministry also urged the US to ease controls on exports of high-tech products to China and support China International Capital Corp’s application for a financial business license.
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