China President Xi Jinping has promised to cut the country’s auto import tariffs and ease restrictions on foreign ownership in its auto industry amid an escalating tariff spat with Washington.
In a speech Tuesday at a business conference, Xi made no direct mention of the dispute with US President Donald Trump but pledged to open China's markets further and improve conditions for foreign companies, reports AP.
He said Beijing will "significantly lower" tariffs on auto imports this year and ease restrictions on foreign ownership in the auto industry "as soon as possible."