"The plan for the car joint stocks is already being studied. The current statement is that it will be announced before the second half of the year." On April 12, a person from the former Development Research Center of the State Council revealed. The reporter immediately verified with the relevant departments. However, many relevant auto industry authorities interviewed by the reporter said that they did not hear the news released during the year. However, we received a more accurate reply from a senior person at the Development Research Center of the State Council. "The stock-to-release plan will come out before the National Day, including clear policies and specific adjustments. Because many things are going to be done before the end of the year. Put it in place," the source said.
"With regard to the news that the (share-to-share ratio) policy landed before the second half of the year, there is certainly no authoritative channel that can be confirmed to the outside world now, because even if it has been inconsistent with the past, there are many variables after the Sino-US trade friction. After the Boao Forum speech confirmed that the auto industry stock ratio is open to the public, the policy will certainly accelerate." The relevant personage of the former Economic Development Research Institute of the State Council Development Research Center analyzed.
Although the stocks are not known at the exact time of the release, the expansion of the joint venture stocks in the automotive sector is finally fixed and will accelerate. On April 10, in the opening speech of the Boao Forum for Asia 2018 Annual Meeting, China stated that China will greatly relax market access, and this liberalization will focus on the financial industry and manufacturing. At the same time, it also made clear to the world that the door to China's opening will only grow wider.
"This year we will launch several landmark initiatives. In the service industry, especially in the financial industry, the major measures announced at the end of last year to relax the restrictions on foreign stocks in the banking, securities and insurance industries should be ensured, and the insurance industry should be accelerated. The process will relax restrictions on the establishment of foreign financial institutions, expand the scope of business of foreign financial institutions in China, and broaden the scope of cooperation between Chinese and foreign financial markets."
In the manufacturing sector, it will speed up the release. "In terms of manufacturing, it is basically open. The main restrictions are on a few industries such as automobiles, ships and aircraft. Now these industries have an open base. The next step is to relax the restrictions on foreign shares as soon as possible, especially the foreign investment restrictions in the automotive industry. ". The release of shares in the automotive sector has been regarded as a symbolic move for China's further opening.
As the policy moves toward clarity, the impact on the company will follow. In addition, the vehicle group with joint ventures with foreign car companies is also studying the policy implications and has already prepared the plan at the beginning of the year. “At the previous internal meeting, the group discussed the possibility of the stock being released, and the corresponding adjustment of the development direction. We felt that this might happen, but did not expect it to be so fast.†Dongfeng Group An insider said. However, the above-mentioned former Development Research Center of the State Council still told reporters that the final time point may change in combination with domestic and international environmental changes, but it will not be postponed for too long.
Stock ratio is released into the countdown
According to the current automobile industry policy, the proportion of Chinese shares of Sino-foreign joint venture production enterprises shall not be less than 50%. Once the ratio of joint venture shares is released, it may mean that foreign capital has “qualified†to become a controlling party in the joint venture, or even to establish a wholly-owned enterprise separately. In fact, in the past decade, the auto industry has never stopped controversy over whether it should let go of the restrictions on the joint venture shares. But the biggest obstacle to reform may come from the state-owned large auto group – the protection of the joint venture shares is more restrictive than the restrictive policy, the state-owned large auto enterprise group becomes the de facto vested interest, and has formed a strong interest with some government authorities. Alliance, and lobbying government agencies and industry associations for reasons of “industrial securityâ€. In 2016, the relevant person in charge of the Ministry of Industry and Information Technology and the National Development and Reform Commission had made a statement. The auto industry joint venture shares have become a "final decision". Since then, the China Automobile Industry Association, China Automotive Engineering Research Institute and China Automotive Technology Research Center have jointly expressed their views on the four major automobile groups, including FAW Group, Dongfeng Group, Beiqi Group and Changan Group.
But the pressure on China is also growing. When China joined the WTO in 2000, China promised not to limit the foreign share ratio of auto parts and engine joint ventures, but the foreign share ratio of auto-complete joint ventures should not exceed 50%. In 2016, a senior executive of the China Association of Automobile Manufacturers said that it is not impossible to let go of auto stocks, but how to let go. It needs to be left at least for eight years. In the process, some foreign brands are also waiting for the opportunity to build a wholly-owned factory - such as Tesla, and there are even rumors that Lexus is waiting for this opportunity.
From the perspective of national policies, only one day after the release of the key financial industry, China’s central bank governor Yi Gang announced a series of measures to further expand the financial industry’s opening up at the Boao Forum for Asia. These measures include the abolition of the restrictions on the foreign shareholding of banks and financial asset management companies, and six open measures such as domestic and foreign investors, which are expected to be implemented by June 30. The auto industry, as a representative of the restrictions on manufacturing liberalization, is also the focus of the “next step†after the financial industry. Some people from the Development Research Center of the State Council said that it is expected that the speed of the auto industry will accelerate and will not be delayed for too long. ".
"The Chinese auto industry has been doing a deeper joint venture with foreign companies. It has already had a good foundation for cooperation. In addition, the strength of this auto industry in China is already strong. Now more open auto industry for foreign capital. The impact of this kind of domestic industry will not be great. We expect it to be implemented soon. Another point is that the Sino-US trade war is just a certain degree of China’s opening and response to the United States. Other areas are faster. Maybe it will be a result in a few months." On April 12, a core person from the Development Research Center of the State Council said.
Enterprises encounter "shock waves"For auto companies, especially those with joint ventures, the impact of the joint venture car stocks has already been generated. Dongfeng Group announced that it concentrated on promoting the development of its own brand “Fengshen†and accelerated the reform of state-owned enterprises. It is reported that the changes of Dongfeng Group include directly linking high-level performance appraisal with the performance of independent brands, which has never been seen before. At the same time, in the independent sector, Dongfeng is moving closer to the market in the talent system and salary system. “The risk awareness has been strengthened, and after the reform, the vitality of Dongfeng has improved significantly.†Dongfeng passenger car insiders told the Economic Observer.
Some brands that are stronger in China may require an increase in shareholding ratio, while some brands that have not yet opened domestically will require a sole proprietorship to establish a factory. "The world's relatively large car companies have established joint ventures with domestic ones. One car company has two joint venture indicators. Only a few of the Mercedes-Benz and other small joint ventures have not established a second joint venture. The domestic market has been set. The car industry can be developed more rapidly, and the auto industry can develop rapidly. This policy is good for Tesla, Mercedes-Benz, BMW and Toyota Lexus and other car companies and brands with joint venture indicators." In this regard, analyst Li Yanwei of the automotive circulation industry analyzed.
However, for most joint ventures, maintaining the current situation may be the best option. Some of the more powerful brands will not suddenly change the status quo. For example, BMW, because the joint venture company BMW Brilliance has entered the listed company of Brilliance China, if it adjusts the proportion of shares, it will have a huge impact on listed companies, which will be a "catastrophic" blow for Brilliance, and Brilliance will definitely Fighting all the way, it will hurt both. When BMW announced the joint venture between MINI and Great Wall in 2017, it also emphasized that the BMW brand will only cooperate with Brilliance and comfort it.
On April 11, Nigel Harris, president of Changan Ford, who is the Ford party's interest representative, said that China's auto stocks were more open than the opening. "There has been no impact on us so far." And as the executive representative of China's Changan. He Chaobing said, "I think this will have an impact on the entire automotive industry, not only Changan Ford." But He Chaobing said that even if the stock ratio is released, I believe that the top design will have very comprehensive considerations, and that Ford does not Will seek to change the status quo. The state will have comprehensive considerations. "This is the direction of the national strategy and the future development of the country, and Ford will certainly do it according to the relevant laws of the country, including the business direction." He Chaobing said.
In the complicated Chinese market, it will be a huge challenge if the Chinese joint venture partners are left alone. Before that, many foreign automobile brands would eventually lose money because they did not understand China's national conditions and market demand. In fact, in previous interviews, some senior executives of foreign car companies have emphasized the irreplaceable role of China in the mainland. In fact, Chinese car companies also need to make joint ventures with local companies in the process of going overseas. "This is more convenient for business development and saves a lot of trouble. There are many situations overseas that cannot be solved by themselves." A Chery executive told the Economic Observer.
On April 12th, in a high-end forum organized by the Chinese auto industry, the relevant person in charge disclosed that Tesla will officially establish a factory in China in 2018. This news seems to be supported by the side. The above-mentioned automobile industry joint stocks will be officially landed in the year.
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