China to phase out automobile share-holding limits for foreign investors

China will phase out share-holding limits for foreign investors in the automobile sector, the country's top economic planner said Tuesday.

Chevrolet Equinox SUVs are being assembled on the assembly line at an auto plant of SAIC-GM, a joint venture between SAIC Motor and General Motors, in Wuhan city, central China´s Hubei province, 7 April 2017.[Photo:IC]

Share-holding limits for special-purpose vehicles and new energy vehicles will be scrapped for foreign investors in 2018, while those for commercial vehicles and passenger vehicles will be lifted in 2020 and 2022 respectively, according to the National Development and Reform Commission.

China will also scrap share-holding limits in the shipbuilding and airplane manufacturing sectors for foreign investors this year.

The limits will be lifted on shipbuilding processes including design, manufacturing and repair, and on production of airplanes including trunk and regional airliners, general-purpose airplanes, helicopters, drones and aerostats.