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China sets timeline to scrap foreign stake limits for auto sector

China sets timeline to scrap foreign stake limits for auto sector© Reuters. FILE PHOTO: Cars are parked at the Great Hall of the People during the opening session of the 19th National Congress of the Communist Party of China in Beijing

BEIJING (Reuters) – China’s state planner said on Tuesday the country will scrap foreign ownership limits on commercial vehicle firms in 2020 and lift restrictions on passenger vehicle firms in 2022.

China will also scrap foreign ownership limits on new energy vehicle firms in 2018, the National Development and Reform Commission (NDRC) said in an online statement.

The rule change could provide beneficial for U.S. electric vehicle maker Tesla (O:), which has been seeking to set up a wholly owned plant in Shanghai.

China will also scrap all foreign ownership limits in the ship and aircraft manufacturing industries in 2018, the NDRC added.

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Source: Investing.com

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