April 19, 2018 / 9:07 AM / a year ago

China must do more to open markets, German industry group says

FILE PHOTO - New cars are seen at a parking lot in Shenyang, Liaoning province, China, January 16, 2017. REUTERS/Stringer

BERLIN (Reuters) - China’s decision to reduce existing market barriers to foreign investment is welcome but it needs to do more, Germany’s largest industry group (BDI) said on Thursday.

The hurdles for foreign companies doing business in China have been increasing despite more liberal rhetoric from the government in Beijing, BDI Managing Director Joachim Lang said.

“The end of the joint venture constraint for the production of cars, airplanes and ships is a first step in the right direction,” Lang said in a statement.

“We expect the Chinese government to continue along the path of opening markets in the coming months and to implement reform steps reliably,” he added.

On Tuesday, China said it would scrap limits on foreign ownership of automotive ventures, and in shipbuilding and aircraft industries in 2018.

Reporting by Rene Wagner; Writing by Paul Carrel; Editing by Gareth Jones

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