China will remove foreign-ownership limits for ship and aircraft manufacturing among key industries it’s liberalizing this year.
The nation will abolish foreign limits for the shipbuilding industry in areas such as design, manufacturing and maintenance, and for makers of aircraft including planes, helicopters and drones, the National Development and Reform Commission said in a statement on its website Tuesday.
Click here to read about how automakers will benefit from China’s removal of ownership caps
The move follows China’s pledge reiterated by President Xi Jinping last week to open up sectors from banking to auto manufacturing amid trade disputes with the U.S. The decision on manufacturing industries marks a “clear indication” of its opposition to protectionism in trade and investments, the commission said, adding the government will support the development of local and foreign enterprises in a level playing field.