Move­ment on Wheels

Oc­to­ber 15, 2018

NewsChina - - MEDIA FOCUS -

2018 is a spe­cial year for China's au­to­mo­bile in­dus­try. On April 10, Chi­nese Pres­i­dent Xi Jin­ping an­nounced at the open­ing cer­e­mony of the Boao Fo­rum for Asia in Hainan Prov­ince that China would loosen the for­eign eq­uity limit for joint ven­tures in the auto sec­tor and sub­stan­tially cut auto tar­iffs. Seven days later, the Na­tional De­vel­op­ment and Re­form com­mis­sion pledged to phase out the for­eign eq­uity limit for joint ven­tures. On May 22, the Min­istry of Fi­nance re­vealed that from July 1, 2018, tar­iffs on both the whole unit and auto parts would be re­duced. At the end of 2017, China ranked top in both ve­hi­cle pro­duc­tion and sales world­wide for nine years, and do­mes­tic brands ac­counted for nearly half of to­tal sales. Open­ing the do­mes­tic auto mar­ket to over­seas com­peti­tors in­di­cates con­fi­dence in the auto in­dus­try and China's de­ter­mi­na­tion to open it­self wider to the out­side world.

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