According to the source, this week the Chinese authorities will allow full foreign ownership of the production of passenger cars. The changes will take effect on January 1, 2022.
The announcement was published on Monday by the Ministry of Commerce of the People’s Republic of China and the State Development and Reform Committee of the People’s Republic of China. In the new document, the production of passenger cars is no longer included in the list of industries in which foreign investment is not allowed.
China has gradually lifted restrictions on foreign ownership in the domestic auto industry. However, the published document still lists 31 industries in which foreign investment is prohibited or restricted. These include the mining of rare earths, filming and distribution of films, and tobacco production.
In other industries, such as healthcare, foreign companies must form joint ventures with Chinese partners, and the latter receive a majority stake.
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