China has extended three pilot programs to more places for cross-border investment and financing.
The State Administration of Foreign Exchange decided to extend the pilot regions for domestic reinvestment by foreign-invested enterprises and direct bank registration of foreign debts to Tianjin, Anhui, Shandong (including Qingdao), Hubei, and Sichuan, the administration said in a statement on Thursday.
The statement also said that the pilot programs allowing foreign research funds to be remitted directly to foreign-funded non-enterprise research institutions have been extended to cover 16 cities, including Shanghai, Beijing, Tianjin, Xiong'an, Nanjing, Suzhou, Hangzhou, Hefei, Wuhan, Changsha, Guangzhou, Chongqing, Chengdu, Mianyang, Xi'an, and Shenzhen.
The move will further facilitate cross-border investment and financing for business and promote the flow of sci-tech innovation factors across borders.
China extends pilot programs for cross-border investment, financing
Volkswagen's current predicament is the result of years of evolvement which can be traced back to the diesel vehicle emissions fraud over 10 years ago, said Michael Bose, Head of Internationalization with Automotive BerlinBrandenburg.
Europe's biggest carmaker Volkswagen is considering plant closures on home soil for the first time.
It plans to close at least three plants in Germany and cut tens of thousands of jobs, head of the group's works council said on Oct 28.
All Volkswagen plants in Germany will be affected by the plans, with remaining locations also expected to downsize, Volkswagen's works council head Daniela Cavallo confirmed. She shared this information at an employee event in Wolfsburg, Volkswagen's headquarters, though no further details were provided, according to the German Press Agency.
"Volkswagen's current predicament is the result of years of evolvement, which can be traced back to the diesel vehicle emissions fraud over 10 years ago. Even back then, Volkswagen faced serious restructuring problems. Germany's current business environment, involving rising energy costs and various kinds of taxes, is causing great pressure on Volkswagen's production and operation," said Bose.
Volkswagen operates 10 plants for its main brand in Germany, employing around 120,000 people.
The company announced in early September that plant closures and mass layoffs can no longer be ruled out to cope with rising costs.
Volkswagen said on Wednesday that its net profit fell to 1.58 billion euros in the third quarter, a 64-percent drop year on year.
German expert on Volkswagen's predicament
