China to scrap foreign auto ownership limits by 2022

China to scrap foreign auto ownership limits by 2022

Beijing will this year end shareholding limits for new-energy vehicle firms such as electric carmakers, according to the National Development and Reform Commission (NDRC).

That will be followed by a similar repeal for makers of commercial vehicles in 2020 and passenger vehicles in 2022.

Until now, global carmakers such as General Motors and Volkswagen have been allowed to own no more than 50% of a joint venture with a Chinese partner and were limited to two ventures.

"After a five-year transition period, the auto sector will lift all restrictions", it said.

Analysts said the main beneficiaries, at least in the short term, would be manufacturers focused on new-energy vehicles, including USA electric carmaker Tesla, which has been seeking to set up its own plant in Shanghai.

"China has consistently asked Chinese companies to comply with the laws and policies of host countries and manage their businesses in line with laws and regulations", said the spokesperson.

China is the world's biggest electric vehicle market, with last year's sales rising 53 percent over 2016 to 770,000 vehicles. "The demand for electric cars is very small in other countries", he said.

Bryce Harper breaks bat on 406-ft home run
Breaking your bat in two though, is extremely rare, and something that might have happened just once before . Since the start of last season he has hit.377 (23-of-61) with six homers and 13 RBIs against them.

Under the current setup, foreign carmakers must transfer proprietary technology to the joint venture companies they set up - the issue of forced technology transfer has been a top concern for the Trump administration. It added the liberalization would encourage greater exchanges of capital, technology, management and personnel of Chinese and foreign firms.

The move also comes after President Xi Jinping said last week that China would open up its economy and also reduce tariffs.

Xi's announcement was among a series of measures seen as potential concessions to Trump in the face of a potential trade war, including a pledge to lower auto tariffs this year.

Earlier this month, the Chinese commerce ministry threatened to impose a 25% duty on U.S. agricultural products, including soybeans, wheat, and beef, in response to the USA proposal to levy duties on Chinese high-tech goods.

In the escalating trade war between China and the US, Beijing is taking aim at American farmers, a key support group for Donald Trump.

China will also scrap all foreign ownership limits in the ship and aircraft manufacturing industries in 2018. A negative list includes all the industries with foreign investment restrictions.

Investigators concluded dumping of United States sorghum "substantially damaged" Chinese competitors, the Commerce Ministry said.

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