China will also "abolish'' limits on foreign ownership stakes in banks, Mr Zhu said, though he did not say when the move would take effect. Until now a single foreign investor could own no more than 20% of one bank, and a bank could have no more than 25% total foreign ownership. Beijing will also gradually reduce tariffs on automotive imports, Mr Zhu said, without providing details. "This opening up is decisive and the effect will be far-reaching,'' Mr Zhu told reporters. Mr Trump has made narrowing the US trade deficit with China -- $347 billion last year -- a priority.

Source: Bangkok Post November 10, 2017 06:00 UTC