Facebook icon
Twitter icon
e-mail icon

China announces timeline to open automobile industry to foreign ownership

China  has announced proposals to remove its limit on foreign ownership of automotive ventures by 2022, reports Reuters.

China imposed foreign ownership restrictions in 1994, limiting foreign carmakers to owning no more than a 50 percent share of any local venture. A decision that was designed allow its local automotive industry to compete and develop.

On Tuesday, China’s state planner said it would remove foreign ownership caps for companies making fully electric and hybrid vehicles in 2018, and for the wider car market by 2022.

The German Economy Ministry on Tuesday welcomed China’s decision.

“This is a signal in the right direction. Now it will depend on whether actions follow words, and if so how the regulations will be shaped,” said the ministry in a statement. 

The Chinese announcement comes as tension deepen between the US and China over heightening trade tariffs. 

 

 

 

 

 

 

 

                                         

We need your support

Sri Lanka is one of the most dangerous places in the world to be a journalist. Tamil journalists are particularly at threat, with at least 41 media workers known to have been killed by the Sri Lankan state or its paramilitaries during and after the armed conflict.

Despite the risks, our team on the ground remain committed to providing detailed and accurate reporting of developments in the Tamil homeland, across the island and around the world, as well as providing expert analysis and insight from the Tamil point of view

We need your support in keeping our journalism going. Support our work today.

For more ways to donate visit https://donate.tamilguardian.com.