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As on-budget fiscal spending is constrained by the fiscal deficit-to-GDP ratio, which was set at 2.6 percent this year, the off-budget fiscal financing measures could play a more significant role, said experts.
As part of the country's broader opening-up push, the National Development and Reform Commission said on Tuesday that China will phase out the 50 percent equity cap that foreign carmakers can have in their joint ventures in China by 2022.
As much as 4.04 trillion yuan (1.4 billion) worth of automobiles were traded through retail channels across China in 2016, and the penetration of automobile financing had reached 35 percent. Compared to other retail sectors, automobile consumers are more traditional, meaning there is still huge room for upgrading and development, according to a report on the application of fintech in China's automobile finance sector published on Dec 12.
As one of the biggest employers in China, Foxconn operates factories that manufacture most Apple iPhones.
As one of the country's largest State-owned commercial lenders by assets, Bank of Communications has supported the landing of more than 280 financial technology projects in the region, bank Executive Vice-President Lyu Jiajin said at a news conference in Beijing on Thursday.
来源：资阳报