sends "a strong signal that China will continue to open up," a spokesperson for BMW said in a statement. "This will certainly benefit the customer and boost the market to an even more dynamic level," it added. BMW also said that it would review its pricing in response to the news. Meanwhile, a spokesperson for U.S. carmaker Ford said that the firm welcomed China's announcement. Chinese car imports rose 16.8 percent year-on-year in 2017, according to state-run news agency Xinhua in February, citing the China Automobile Dealers Association. Around 1.21 million vehicles were brought into the country.

A trade rapprochement?

Tension over a potential trade war between China and the United States has eased in recent days following talks between top officials. Over the weekend Vice Premier Liu He metwith Treasury Secretary Steven Mnuchin and Commerce Secretary Wilbur Ross among others in Washington, discussing how China could buy more agricultural and energy products from the U.S. to ease the trade deficit. President Donald Trump tweeted that China had "agreed" to buy "massive amounts" of additional agricultural commodities, calling the news "one of the best things to happen to our farmers in many years." The meeting also yielded wins for China, with news that previously planned U.S. duties on Chinese imports, which threatened $50 billion-worth of trade, had been suspended. It has also been reported that the two countries are close to securing a deal on Chinese software firm ZTE, which had been banned from selling in the U.S. due to its violation of American sanctions on Iran