Since the last year, the domestic vehicle joint ventures have had a "final answer".
A few days ago, the National Development and Reform Commission issued a revised version of the "Guidance Catalogue for Foreign Investment Industries" (hereinafter referred to as the "Catalogue") and publicly solicited opinions. The new Catalogue has undergone the largest revision in 19 years in accordance with the spirit of “further opening up to the outside worldâ€. However, the “automobiles†that have received much attention are still explicitly included in the list of restrictions on foreign investment in the industry, and the “red line†of the policy of “Chinese stocks are not less than 50%†is to be released.
In fact, this is the first time that the relevant national policy department has “issued a document†in response to a major discussion on the issue of the ratio of domestic vehicle joint ventures in 2013. Some analysts pointed out that at least for the next long period of time, the domestic auto industry will still maintain a 50:50 joint-stock ratio. However, with the continuous advancement of the marketization of the automobile industry and the gradual deepening of reform and opening up, the release of joint venture stocks is still a market trend.
The policy hand "The revision of the Catalogue is the sixth revision since the publication of the Catalogue in 1995. It is also the largest one. It mainly grasps the initiative to expand openness, transform foreign investment management methods, adjust and optimize the economic structure, Further increase the four principles of transparency.†Wang Dong, inspector of the Foreign Investment Department of the National Development and Reform Commission, explained the original intention of the revision of the Catalogue.
However, contrary to the automotive industry's expectation, this revision of the "Catalog" still clarifies "the ranks of automobile, special-purpose vehicles and motorcycle manufacturing. The ratio of joint-venture Chinese shares is not less than 50%. The same foreign company can be in China. Establish two joint ventures that produce similar complete vehicle products, such as the joint venture with Chinese joint venture partners and other domestic automobile production enterprises that are not subject to the restrictions of the two.
Some analysts believe that the revised version of the Catalogue still maintains the restrictions on the share ratio of the vehicle joint venture, which should be the phased result of the Chinese and foreign game of the domestic vehicle joint venture. At the same time, it is also related to China's participation in the global economy. "Although the speed of Chinese capital entering the international market is currently improving, the automobile industry is a core part of China's foreign cooperation, and the country still needs to consider the internationally equivalent capital openness as a whole," said Zhang Zhiyong, a well-known commentator in the automotive industry.
In addition, the changes in foreign-funded foreign-invested stocks predicted by the outside world have not been reflected in the revised version of the Catalogue. In the sub-directory of “Encouraging Foreign Investmentâ€, it still includes the fields of “automobile engine manufacturing and engine R&D institutions, automotive key component manufacturing and key technology research and development, automotive electronics manufacturing and R&Dâ€.
At the same time, the revised version of the Catalogue still emphasizes encouraging foreign investment in research and development. “This means that, while maintaining the ratio of joint-venture shares, for the automotive industry, the policy still expects foreign investment to make greater contributions in the front end of the value chain of the vehicle joint venture, which is also beneficial to the joint venture in China. And the strength of the technical level," said a senior executive of a joint venture car company.
In fact, the domestic auto industry vehicle joint venture shares than the "red line" has been an important part of the "catalog" revision, and is one of the focus issues widely discussed in the industry.
This round of discussions on the release of the share ratio of the entire vehicle joint venture began in 2013. At the end of last year, the Ministry of Commerce said that it will focus on four aspects of reforms in terms of opening up and opening up investment, including “further liberalizing foreign investment access restrictions in general manufacturing sectors such as steel, chemicals, and automobiles, including relaxing foreign investment. Restrictions on registered capital, equity ratio, business scope, etc."
After the Ministry of Commerce’s statement at the end of last year, the Ministry of Industry and Information Technology also revealed that the joint-venture stocks may be “looseâ€. "On the issue of the share ratio of joint ventures in the automobile industry, the Third Plenary Session of the 18th CPC Central Committee put forward new requirements and deployments for further expansion of the opening up, and the Ministry of Industry and Information Technology will seriously study and implement it," said Xiao Chunquan, spokesperson of the Ministry of Industry and Information Technology.
This is also interpreted as the country's gradual liberalization of the "codensor" of the vehicle-to-equiliary ratio. Since then, the auto industry has raised a big discussion about whether it is necessary to release the ratio of joint ventures in the current market. The relevant parties are inconsistent with the announcement of the joint venture shares.
"At present, the conditions for domestic vehicle joint ventures are still not mature, and the autonomy of independent brand auto companies, especially the major automakers, is not strong. Once the stock ratio is released, these automakers may be caused. Large losses in terms of capital, technology and profits," said Xu Changming, director of the Information Resource Development Department of the National Information Center. Dong Yang, the secretary general of the China Association of Automobile Manufacturers, has repeatedly publicly opposed the current release of the whole vehicle joint venture shares than the "red line."
At the same time, some domestic automakers, including Changan Automobile, also expressed their opposition to the idea of ​​releasing the joint venture shares. In the view of Zhu Huarong, secretary of the party committee and vice president of Changan Automobile, the automobile industry involves the lifeline of the national economy, and the core of the technology is system integration and reliability, which requires long-term accumulation of capital and technology. "Opening the stock ratio immediately will lead to huge confusion in the auto industry." Zhu Huarong said.
Li Shufu, chairman of Geely Group, which supports the release of joint-venture stocks, believes that under the current joint venture model, technology, R&D, branding, and management are all operated by foreign parties. The main function of China is to run government relations and take policies. . In this way, the brand is always in the hands of the foreign party. The joint venture is also protected by the state and is unfair to private independent brands.
Although the country has maintained the restrictions on the share ratio of domestic vehicle joint ventures from the policy level, some analysts believe that the liberalization of joint venture stocks is still the general trend of the domestic automobile industry.
From the perspective of the joint venture, maintaining the current stock ratio limit is still in line with the interests of all parties in the domestic joint venture. "From the current point of view, the equivalent of the joint-venture stocks effectively balances the interests of the Chinese and foreign parties in the joint venture, and also facilitates the coordination of the Chinese and foreign parties in terms of personnel setting, investment and decision-making." Said.
However, analysts who advocate the release of joint venture stocks than the restrictions believe that over the years, the domestic auto industry, especially the competitiveness of independent brands, has been slow to increase, and has a certain relationship with the current joint venture stocks.
“Autonomous car companies, especially large domestic car companies, have previously achieved good returns and profits through joint ventures with a number of foreign brands, and the performance of their own sectors is not satisfactory.†One would not disclose The analysts of the name believe that the peer-to-peer joint venture seems to have become a "hotbed" for the development of autonomous car-enterprise groups, which to a certain extent has erased its motivation to become a strong independent brand.
Chen Guangzu, a senior expert in the automotive industry, said that most of the opinions in the industry are still relatively uniform. The current development of the domestic auto industry is still relatively weak and still needs protection. Therefore, it is necessary to maintain a 50:50 joint-stock ratio in the short term. "But in the long run, the stock ratio limit will eventually be released." Chen Guangzu added.
"I don't support the release of joint venture stocks and restrictions in the short term, but the central government has to decide to let go of the ratio of joint ventures. There is no objection to the senior government officials, which shows the trend of releasing stocks than the red line. It has been difficult to change.†Rao Da, president of the National Passenger Car Market Information Association, suggested that “the new automobile industry policy can be used to open the share ratio of the automobile joint ventures to be established in the future. The company can also be released after the contract expires."
Of course, the current revision of the Catalogue is only a guiding catalogue. There is no statement as to whether the ratio of domestic vehicle joint ventures will be released. During the two sessions this year, the Minister of Industry and Information Technology, Miao Wei, said that “the auto joint venture stocks are under pressure from the opening up. Within the jurisdiction of the Ministry of Industry and Information Technology, such as steel and chemical fiber, the joint venture shares will be released in an orderly manner. The auto industry will be put back. The attitude of “putting one†seems to have implied that it is only a matter of time before the automakers let go of the joint venture.
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