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在线翻译:
szdaily -> Business -> 
Nation to ease restrictions on foreign ownership of carmakers
    2018-04-19  08:53    Shenzhen Daily

CHINA will allow full foreign ownership of carmakers in five years, ending restrictions that helped to fuel its trade dispute with the United States as it promotes electric car development.

The change would scrap rules that require global carmakers to work through local partners.

The step reflects growing official confidence in China’s young but fast-growing carmakers and a desire to make the industry more flexible as China promotes development of electric cars.

Limits on foreign ownership of electric vehicle producers will be eliminated this year, the National Development and Reform Commission (NDRC) said.

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

“Following a five-year transition period, all ownership restrictions will be lifted,” said the announcement by the country’s top economic planning agency.

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

Foreign carmakers have profited from China’s populous market, which passed the United States in 2009 as the world’s biggest by number of vehicles sold.

Sales of sedans, SUVs and minivans last year totalled 24.8 million units, about 55 percent of which were U.S., European, Japanese and Korean brands.

Independent domestic brands such as Geely, which owns Sweden’s Volvo Cars, SUV maker Great Wall and electric car brand BYD Auto are developing technology and increasing exports.

Geely has bought a nearly 10-percent stake in Daimler AG, becoming the German carmaker’s biggest shareholder and gaining leverage to push for technology sharing.

One car company likely to gain from the move is electric car giant Tesla led by entrepreneur Elon Musk, who this year had asked U.S. President Donald Trump for help on the market access issue.

“It has instant impact for firms like Tesla,” said Li Yanwei, an analyst with the China Automobile Dealers Association Expert Committee.

“China’s full opening of the manufacturing industry is a clear indication of our opposition to trade and investment protectionism, and shows our clear support to widening and deepening the development of economic globalization,” the NDRC said in the announcement.(SD-Agencies)

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