Click For Photo: https://3c1703fe8d.site.internapcdn.net/newman/gfx/news/2018/chinasaiditw.jpg
China announced a timeline for lifting ownership limits on foreign automakers Tuesday, meeting a longtime demand of the United States and other countries seeking better access for their companies in the world's biggest car market.
The country will end shareholding limits for new energy vehicle firms such as those that produce electric cars this year, according to the National Development and Reform Commission (NRDC).
Move - Vehicles - Passenger - Cars - Restrictions
The move will be followed by commercial vehicles in 2020 and passenger cars in 2022, when it will also do away with the restrictions limiting foreign automakers to two joint venture partners, the NRDC said in a statement.
"After a five-year transition period, the auto sector will lift all restrictions," the NRDC said.
President - Xi - Jinping - Plans - Week
President Xi Jinping announced the plans last week without providing any details.
Wake Up To Breaking News!