Beijing will this year end shareholding limits for new-energy vehicle firms such as electric carmakers, according to the National Development and Reform Commission (NDRC). The government said these rules will be eliminated this year for companies building electric vehicles-a move that could benefit Tesla Inc. -and.
One vehicle company likely to gain is electric auto giant Tesla led by entrepreneur Elon Musk, who this year had asked US President Donald Trump for help on the market access issue, alluding to the troubles his firm has faced producing in China.
Output at China's factories and workshops expanded 6.8 percent year-on-year for the first quarter, matching the expansion seen during the same period last year, but below the 6.9 percent forecast by Bloomberg News.
"China has consistently asked Chinese companies to comply with the laws and policies of host countries and manage their businesses in line with laws and regulations", said the spokesperson.
Under the current setup, foreign carmakers must transfer proprietary technology to the joint venture companies they set up - the issue of forced technology transfer has been a top concern for the Trump administration.
In the escalating trade war between China and the US, Beijing is taking aim at American farmers, a key support group for Donald Trump.More news: Twins postponed due to winter storm warning
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President Xi Jinping announced the plans last week without providing any details.
The threatened tariffs on a 150 billion worth of Chinese goods, and 50 billion of U.S. goods, would dent economic growth on both sides of the Pacific, analysts say.
Officials in Washington say they have grown wary of China's endless promises that often result in little action.
The NDCR added the shipbuilding industry would later this year do away with any restrictions for foreign investors designing, making or repairing vessels.
According to the NDRC, the new negative lists will be rolled out in the first half of this year and cover opening-up measures effective in 2018 and the next few years.
SHANGHAI-China said Tuesday it will phase out rules requiring foreign auto makers to share their factory ownership and profits with Chinese companies by 2022, answering USA calls for a level playing field in the world's biggest auto market.