American business activity speeds down in June
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China considers pilot scheme easing foreign auto companies’ ownership restrictions
In the first half of 2018 China will launch a pilot scheme for the purpose of relaxing restrictions on foreign companies’ ownership of new energy as well as special use vehicles businesses set up within free trade zones, as the foreign ministry informed on Thursday.
In a statement published after a gathering of China President Xi Jinping and US President Donald Trump the ministry also told it would gradually reduce tariffs for cars.
The promise comes as Tesla intends to build a factory in Shanghai. The given electric car maker is eager to expand its presence in the Chinese ascending electric vehicle market without compromising its intellectual property norms or independence.
China, levying a duty of 25% on imported cars, hasn’t permitted foreign car makers to establish wholly owned factories in the world's number one car market. Rumors say this Asian country is about to enable foreign investors to lift stakes in new electric car companies.
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