Coincidence or not, China appears set to ease restrictions on foreign automakers and banks amid sustained pressure from U.S. President Donald Trump to open up its economy.
China’s central bank is said to be drafting a package of reforms that could include allowing foreign firms to take control of local joint-ventures in the nation’s $40 trillion financial industry. Authorities in Beijing are also discussing a plan to allow foreign carmakers to set up wholly owned electric-vehicle businesses, revising a policy in place since the 1990s.
While neither proposal is final — and may be completely unrelated to Trump — the timing could yet prompt him to claim credit. Trump has repeatedly threatened a trade war with China if it fails to rein in North Korea’s push for nuclear weapons, and he’s scheduled to visit President Xi Jinping in Beijing at some point in November.
Economists said China may have multiple reasons forThis post was originally published on this site