China Vows to Open Economy, Reduce Auto Import Tariffs
Xi Jinping, President of China promised to lower down import tariffs on products including cars and open country's economy in a speech delivered on Tuesday over matters concerning around ongoing trade tensions between China and the United States.
At present, a 25 percent import duty is levied on Chinese imports. In his address speech at Boao Forum for Asia, President said, "China's door of opening will not be closed and will only open wider."
Going by the present market scenario, if a foreign company operating in China partners with a local manufacturer, former's stake will be limited to 50 percent of the joint entity. This can come off as a great news for Jaguar Land Rover, a subsidiary of Tata Motor's which are involved in selling Range Rover and other high-end models to China.
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