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中文
The further opening up of China's automobile industry is conducive to improving the strength of China's automobile industry in competition and cooperation on the one hand, and reducing the prices of related products and services on the other. In terms of trade-offs, we need to stand at a higher level and look at stocks in a larger pattern.
The new opening posture of China's automobile industry is a cause for concern. Following President Xi Jinping's announcement at the Boao Forum for Asia in 2018 that "the share ratio restriction on foreign-funded automobile enterprises will be liberalized as soon as possible", on April 17, 2018, the National Development and Reform Commission of the People's Republic of China further clarified the timetable for the opening of the share ratio in the automobile industry.
"This is our country's further opening to the outside world." The director of the World Economic Research Institute of the Shanghai Academy of Social Sciences weighed against the first financial reporter. He pointed out that China's manufacturing industry has been open for nearly 40 years, and China's automotive industry has greatly improved through opening up its own development. At present, from the production point of view, the market share of supply and demand has reached a new stage, and the immediate need is to improve quality, including to meet consumers'demand for international brands and related services. Further opening up is conducive to improving the strength of China's automotive industry in competition and cooperation on the one hand, and to reducing the prices of related products and services on the other.
In terms of trade-offs, we need to stand at a higher level and look at stocks in a larger pattern.
Cautious attitude of the foreign party
According to the new timetable of the Development and Reform Commission, China's automotive industry will be open to the outside world in a transitional period. In 2018, the restrictions on Foreign-invested shares of special-purpose vehicles and new energy vehicles will be abolished; in 2020, the restrictions on Foreign-invested shares of commercial vehicles will be abolished; in 2022, the restrictions on Foreign-invested shares of passenger vehicles will be abolished; and at the same time, the restrictions Through the 5 year transition period, the auto industry will be lifted completely.
For most foreign auto companies, they have already established joint ventures in China to achieve localized production of the main products in the Chinese market. The impact of stock liberalization on them and the joint ventures they have established in China will be more complex and indirect. Taking Volkswagen Group as an example, in 1985 and 1991, it established joint ventures with two Chinese partners, SAIC and FAW. In 2017, the Chinese market accounted for more than half of the global sales of Volkswagen brand, and it has become the most important profit source of Volkswagen Group. It can be called profit cow.
"This initiative of the Chinese government will further promote free trade and economic development, and is also beneficial to the development of the whole Chinese market." Herbert Diess, chairman of Volkswagen Group's management board, told First Financial Journalist that Volkswagen Group and its joint venture partners have long maintained a good relationship of mutual trust, which has lasted for many years. The success of the joint venture owes much to the strong joint venture partners SAIC and FAW. "At present, this policy change will not have an impact on the development strategy of the group." Disney stressed that the new policy did not allow the public to reconsider the equity or financial arrangements already made by the group.
Disney also revealed that during the high-level internal meeting of the Volkswagen during the Beijing Auto Show, the high-level also discussed the impact of the new policy direction on the public from the whole group level. "We have assigned the task to the team concerned and asked for a detailed plan in the next two to three months to illustrate what Volkswagen Group should do under such a new policy environment, so as to conform to the direction of China's policy."
As for the transfer of FAW-Volkswagen shares to Audi in accordance with the previously agreed agreement, the current agreement is delayed, probably when the adjustment of FAW-Volkswagen share ratio can continue. Disney said that the stock ratio adjustment is mainly to optimize business management, which has no impact on the commitment and strategic deployment of Chinese joint venture partners. In view of the specific market, the public always hopes to find the most suitable model, so the adjustment of the stock ratio structure is mainly from the perspective of management and financial optimization.
Nigel Harris, president of Chang'an Ford, who was interviewed by the First Financial Journalist, also said when he talked about the opening up of China's auto stocks: "So far, there has been no impact on us." Ms. Amy Marentic, President of Lincoln China under Ford, also expressed respect for the new government of the Chinese government for First Financial Journalist. The joint venture with Chang'an Automobile will be announced by the end of this year.
"After all, there are joint ventures that no one wants to lose." Professor Yin Chengliang, Dean of Automotive Engineering Research Institute of Shanghai Jiaotong University, analyzed the first financial and economic reporter. In his opinion, the foreign attitude of joint venture enterprises is understandable, because China's automobile market is huge and very important to the outside world, and after years of hand-in-hand and running-in, the two sides have adapted to each other. Foreign capital has also adapted to the Chinese market through joint ventures, and there will be no big objection to follow-up cooperation.
However, Yin Chengliang also pointed out that the significance of introducing the new policy of the Chinese government lies in offering new possibilities and giving the foreign party the possibility of seeking more space for interests.
In fact, although there is still a five-year period for the liberalization of the foreign share ratio restriction for passenger cars, most of the joint venture contracts of passenger car companies are due in 2030, that is, there is a ten-year period. Yin Chengliang said: "in a contract period, we should maintain the status quo.