China to give foreign businesses better access to financial, auto industries

BEIJING -- China will significantly ease market access to the financial sector, reduce tariffs on cars, and try out lifting foreign ownership restrictions in the new energy vehicle (NEV) industry, a senior diplomat said Thursday.

Vice Foreign Minister Zheng Zeguang made the remarks when briefing the media on the consensus reached by Chinese President Xi Jinping and visiting US President Donald Trump during their talks earlier Thursday.

"In accordance with its timetable and roadmap for further opening up, the Chinese side will significantly ease market access to the financial sector, including the banking, securities and fund, and insurance industries," Zheng said.

The government will also "gradually and properly" reduce tariffs on automobiles, he said.

On a trial basis, restrictions will be lifted on foreign ownership in utility vehicle and NEV industries in pilot free trade zones by June 2018, said Zheng.