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Cui Fan, a professor at the University of International Business and Economics, said the move is part of China's long-term endeavors to lower tariffs. Combined with a number of policies released by the State Council to attract foreign investors, the tariff policy is expected to improve the business environment and help boost foreign investment in the world's second-largest economy, he said.

Currently, foreign automakers can own up to 50 percent in their joint ventures with Chinese partners.

Crowds watch as 50,000 biodegradable balloons are released at Patio do Colegio, the site of Sao Paulo's 1544 foundation, Brazil, Dec 28, 2018. Workers of the city's Commercial Association began releasing balloons in 1992 in what has now turned into a tradition to celebrate the new year. [Photo/IC]

Cui Aimin, Chinese Ambassador to Angola (2nd L) views the sand table of the Caculo Cabaca Hydropower Project in Dondo, Angola on Aug 4, 2017. Angolan President Jose Eduardo dos Santos officially inaugurated the construction of the Caculo Cabaca Hydropower Project in Dondo, Angola on Friday. Located at the North Kwanza province, the hydropower project will be constructed by China Gezhouba Group Co Ltd (CGGC). [Photo/Xinhua]

Currently, Tibet is working toward the goal of building a moderately prosperous society in all respects along with the whole nation, with all social undertakings thriving and people of all ethnic groups living and working in peace and contentment in the autonomous region, he added.