· New car joint venture company will be difficult to obtain approval in the future will limit foreign investment

On November 4th, the National Development and Reform Commission issued a revised draft of the “Guidance Catalogue for Foreign Investment Industries” (hereinafter referred to as the “Catalogue”) and publicly solicited opinions from the public. In this revision of the Catalogue, automobile manufacturing is classified as a category that restricts foreign investment, which means that the establishment of a new automobile joint venture will be restricted in the future.

In this revised edition of the Catalogue, automobile manufacturing, special-purpose vehicles and motorcycle manufacturing are all classified into the industrial catalogue restricting foreign investment. At the same time, the Chinese stock ratio is not less than 50%, and the same foreign merchant can Establish two domestic (including two) joint ventures that produce similar products (passenger cars, commercial vehicles, motorcycles), such as joint venture partners with Chinese joint ventures, and other domestic automobile manufacturers that are not subject to the two limit.

The reporter found that in the Catalogue revised in 2007, automobile manufacturing was classified as an encouraged item, and the proportion of foreign investment was not higher than 50%. In the 2011 revised catalogue, the whole vehicle manufacturing was Encourage the class to be removed. Today, this draft of the Expo has included automobile manufacturing in a directory that restricts foreign investment. In this regard, Zhang Zhiyong, an automotive industry consultant, said that the Catalogue is a reference for the NDRC's approval project. This change indicates that in 2007, the state encouraged auto companies to make joint ventures, while in 2011 they were neutral and now Restricting the foreign investment category means that the door to the auto joint venture has almost been closed, and it will be difficult to get approval for the new joint venture in the future.

In addition, it is worth noting that since last year, the discussion on the auto-completed joint-venture stocks has never stopped. The position of relevant departments has been interpreted as a signal to break the 50% share ratio red line, and this revision of the Catalogue China still stipulates that “the ratio of Chinese stocks in the joint venture project for vehicle manufacturing is not less than 50%”, which is interpreted by the outside world as a signal that the stock ratio will not be open. Zhang Zhiyong said that the "Guidance Catalogue for Foreign Investment Industries" published by the National Development and Reform Commission is only a guiding catalogue. It is based on the current industrial policy and does not have any express or implied meaning for the future opening of the joint stocks.

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