Beijing has announced plans to relax capital controls placed on auto industry joint ventures to allow majority-foreign ownership, reports Nikkei Asian Review.

Authorities have not given specific details on the schedule or scale of the deregulation, but said that the maximum stake of 50% will be raised by 2025.

Foreign automakers have welcomed the change, which will increase managerial freedom, but local Chinese partners raised concerns about effects on the development of homegrown brands.