Economy China's Xi renews pledges to open economy, cut tariffs this year Updated : April 10, 2018 06:27 PM IST Xi said China would raise the foreign ownership limit in the automobile, shipbuilding and aircraft sectors "as soon as possible", and push previously announced measures to open the financial sector. He also said "Cold War mentality" and isolationism would "hit brick walls". They currently are limited to a 50% stake in joint ventures, and are not allowed to establish wholly owned factories. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.