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China will gradually cut the current 25 percent tariff on imported cars, the foreign ministry said in a news release on Thursday. It also said the government will initiate a pilot program before June 2018 that will relax foreign firms' ownership restrictions for new energy and special use vehicle businesses established in free trade zones.

China will take a string of measures to guard against financial risks and maintain stability, according to the PBOC.

China will phase out the equity cap on automotive joint ventures by 2022, with the cap on manufacturers of new energy vehicles and special-use vehicles to be removed later this year, according to the National Development and Reform Commission.The commission reported the cap will be removed for commercial car producers in 2020 and passenger car producers in 2022. International carmakers will be allowed to have more than two joint ventures as well.

China's automotive market is still the largest in the world, with an annual production of some 20 million cars, which is a key market for BASF. Instead of lamenting the decrease in growth rate, we have been focusing on doing the basics right, including sharpening technology leadership, optimizing local footprints and tightening customer relationships.

China will strive to improve the quality and efficiency of the economy and deepen the supply-side structural reform, Xi said at a meeting of the Central Leading Group on Finance and Economic Affairs.