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Business

China to allow more foreign ownership of green auto ventures

Beijing announces wider market access in multiple sectors during Trump visit

An electric car dealership in Shanghai on Jan. 11.   © Reuters

BEIJING -- China is launching a limited pilot program allowing foreign capital to acquire majority stakes in joint ventures that produce new-energy vehicles.

The government currently restricts foreign ownership of such enterprises to 50%. But by next June, overseas investors will be allowed to raise their interest past that threshold in joint ventures located in one of the designated free-trade zones.

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