A rule that forbids foreign automakers from having a share of more than 50 percent in vehicle joint ventures (JVs) in China may be abolished, news portal caixin.com reported Tuesday, citing Minister of Industry and Information Technology Miao Wei.
Miao said that process could take up to eight years.
The cap was set in 1994 to protect domestic automakers. But it was challenged by the U.S. during the negotiations for a bilateral investment treaty, the report said.
