China to remove foreign investment limit passenger car manufacturing
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On September 7, 2021, new cars are being exported and will be shipped from Yantai (China) to ship at seaport.
Barcroft Media – Getty Images| Barcroft Media | Getty Images
BEIJING — Chinese authorities will allow full foreign ownership of passenger car manufacturing in the country beginning Jan. 1, 2022.
This is according to a release MondayThe Ministry of Commerce and National Development and Reform Commission are the top two economic planning agencies in the country. It was part of regular government reports on barred industries from foreign investment.
Sunday’s 2021 edition did not contain passenger car manufacturing. The 2020 edition of the listHad promised that the changes would be made by 2022.
China is gradually removing restrictions on foreign ownership from the country’s auto industry.
Monday’s announcement still contained 31 areas that foreign investment is prohibited or restricted. They include rare earths (film production and distribution), tobacco products, and other related industries. Joint ventures must be formed with local partners for industries such as medicine. These partnerships typically hold the majority of the shares.
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