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China to Relax Restrictions on Foreign Ownership in Automotive Sector Before October, Report Says

China will announce plans, including specific policy and regulation adjustments, to ease restrictions on foreign ownership in automobile joint ventures before the country’s National Day celebrated on Oct. 1, according to the weekly newspaper Economic Observer.

The plan will be introduced before the National Day at the latest since necessary procedures need to be put in place before the end of the year, a senior official of the development research center affiliated to the State Council, China’s cabinet, told the newspaper.

The plan is already under study and is expected to be announced before the second half of the year, the newspaper reported, citing an unidentified person who it said used to work for the same center.

“There is certainly no authoritative channel to confirm its timing yet, because the US-China trade friction brought in new variables,” said the so-called former employee of the market economy institute of the center, adding, “However, the implementation of the policy will certainly accelerate after President Xi Jinping’s speech at the Boao Forum for Asia [on April 10].”

President Xi told the 2018 Boao Forum for Asia that China will significantly ease market access in the financial sector and the manufacturing industry and speed up opening. Beijing will relax restrictions on foreign ownership in the automotive, shipbuilding and aircraft industries.

Source: yicaiglobal.com

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