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After Tesla deal, Shanghai to speed up cancellation of foreign ownership limits

SHANGHAI (Reuters) – Shanghai will accelerate efforts to cancel restrictions on foreign investment in the auto manufacturing sector, a government official said on Wednesday, a day after Tesla (TSLA.O) said it would build a wholly owned auto plant in the city.

Earlier this year, China said it would scrap foreign ownership caps for companies making fully electric or plug-in hybrid vehicles in 2018 and all automotive ventures by 2022. The announcement marked a major policy shift in the world’s top car market that has capped foreign ownership in the sector at 50 percent for over two decades

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finance.yahoo.com/news/shanghai-speed-efforts-cancel-foreign-034901218.html?.tsrc=applewf

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