Xi Jinping puts China’s car industry in top gear with plans to raise foreign investment cap, lower import tariffs

Global carmakers received a double dose of good news from China’s President Xi Jinping on Tuesday: a reduction in import tariffs and a raised investment cap with regards to mainland-based factories.

New energy carmakers such as Tesla are set to become the top beneficiaries of a relaxation by Beijing on foreign ownership in the automobiles sector, following the statements by Xi in Hainan province.

He told the Boao Forum that China will further loosen its grip on manufacturing industries as it seeks more foreign investment in the car, shipbuilding and aircraft sectors.

Read More – South China Morning Post

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