In his speech, the Chinese president promised to open the country's economy further and reduce tariffs on products, including automobiles, in a speech seen as an attempt to calm the escalating trade dispute with the United States, although most pledges have been announced in advance.
Also, the Chinese president said that foreign investors' access to the markets will be greatly expanded, as foreign property limits will be raised in the automobile, shipbuilding and aircraft sectors as soon as possible.
China has promised since 2013 to ease restrictions on foreign joint ventures in the auto industry, which could allow foreign companies to obtain a majority, while currently limited to only 50% and not allowed to establish wholly owned factories.
