China Further Opens Autos and Finance

Global Times: New negative list reflects opening-up policy

Chinese authorities released a new negative list, which identifies sectors which prohibit or limit foreign investments, on Thursday, and the number of items subject to special administrative measures was cut from 63 to 48, according to the document posted on the National Development and Reform Commission (NDRC) website.

The list scrapped shareholder ratio requirements for banks and lowered ratio requirements for securities, insurance and futures companies. The list also eliminated restrictions on the shareholder ratio for new-energy vehicles, and provided a road map for the further opening-up of the auto industry.

"For example, the new list will remove the shareholder ratio for foreign passenger vehicle manufacturers by 2022, which shows that the country will open its door wider to foreign investors not only for now but also in the future," Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times.