Tesla is the first beneficiary of China's manufacturing industry to further open to the outside world
On the 29th, at the press conference of the State Council Information Office, China’s Minister of Industry and Information Technology, Miao Wei, said that the actual use of foreign capital in China’s manufacturing industry maintained rapid growth in 2018, with the Tesla Shanghai New Energy Vehicle Project started on January 7. Construction has become China's first direct beneficiaries of further opening up to the outside world.
According to Miao Wei, in 2018, the actual use of foreign capital in China's manufacturing industry reached US$41.2 billion in US dollars, a year-on-year increase of 22.9%, accounting for 30.5% of the total use of foreign capital.
"A group of major foreign investment projects in the manufacturing sector settled in China in 2018. There are some rumors in the society that foreign capital has withdrawn from China because of Sino-US economic and trade frictions, and actually continue to invest in China," said Miao Wei.
In 2018, China abolished the restrictions on foreign-funded shares in major technical equipment such as ships and aircraft, and clarified the timetable for the full opening of foreign investment in the automobile industry, and the general manufacturing industry was fully open to the outside world. "There are more than 8,000 kinds of industrial products, which have lowered tariffs according to different tax numbers. Now the total tariff level has been much lower than the average level of developing countries in the world, even close to the average level of some developed countries," Miao said.
For example, in the automotive industry, Miao Wei introduced that the Chinese auto industry is not fully open at present, but it has also set a timetable, and it will be fully open to foreign investment by 2022 at the latest. In terms of tariffs, the import tariff on vehicles in the past was 25%, which was 10% lower to 15% in 2018; the import tariff on auto parts was originally 15%, and it fell to 6% in 2018. "This is still very large," Miao said.
According to Miao Wei, there are three measures for China's industrial opening up in 2019: First, fully implement the management model of pre-entry national treatment plus negative list, and implement the open policies of the aircraft, ships, automobiles, telecommunications and other fields that have been promised; It is to study the further opening measures of the industry and the communications industry, such as expanding the scope of encouraging foreign investment and promoting the implementation of major foreign-funded projects; the third is to further revise the industrial policy and adhere to the principle of equal development of domestic-funded foreign-invested enterprises in China. At the same time, we will deepen the reform of “distribution suits” and comprehensively eliminate various access restrictions in areas other than the negative list.
"China is still and will be a hot spot for foreign investment in the long run. We have a huge domestic market and great potential for development. We also welcome companies from all over the world to further expand investment in China," said Miao Wei.
