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China has already adopted a slew of measures to stop the economy from declining, including accelerated spending on infrastructure and multiple cuts to bank reserve requirements.
China has been the world's largest market for vehicles since 2009. It is also the largest market for Volkswagen. In 2019, it sold 4.23 million vehicles in the country, accounting for 38.5 percent of its global deliveries.
China has accelerated its financial opening-up since 2017. Foreign securities, fund and futures firms were allowed to hold a maximum 51 percent stake in joint ventures in China, according to the regulations announced in November 2017. The limit was completely removed on April 1, which would not otherwise have been lifted till 2021.
China expects that Germany will help push forward China-EU relations during its presidency, and is willing to work with the EU to map out major political agendas between the two sides in the next phase, Wang said.
China has conducted some preliminary trials by starting pilot programs at local levels, and has launched some quasi REITs that could only be held by private equity funds.
