https://www.scmp.com/business/companies/article/2154674/tesl...
China may be open to goods (ignoring the capricious enforcement of customs laws). But even politically benign services (banking, finance, insurance) cannot easily be "exported" to China. It's obviously protectionism.
https://www.npr.org/2020/01/16/797098404/u-s-financial-servi...
It mentioned 独资。There are other companies had Chinese partners called 合资 which means joined-adventure. They are different but 独资 exist as opposed to MSM claimed.
Now I know you don't believe it. There are many people know the other side of story but they have been eventually down-voted out of HN to tell the truth. This one seems not quite offense to many HNer's beliefs so I'd like to provide some information.
It's silly to complain that the American market was open to Chinese investment, while the Chinese market used to have JV requirements. China had no capital to invest. Investment flowed entirely in one direction. It didn't matter to China that the US was theoretically open for direct investment. US companies made huge profits by investing in China, but not vice versa. Around 2014-15, Chinese investment abroad began to pick up, but the Trump administration has essentially closed the US market to Chinese investment, and Chinese FDI in the US has gone basically to zero.
Complaining about how the poor old US is getting exploited by China - with its former JV requirements - is completely out of touch with reality. American companies made enormous profits off of investment in China.
As China has developed, it has removed JV restrictions from most sectors of the economy. Whether some level of protectionism is good for developing economies is a debated topic, but the WTO allows greater leeway to developing countries. Developed countries would obviously benefit more if every developing country removed all conditions on foreign investment, but developing countries would probably suffer.
It's utterly bizarre to see people completely unaware of this clear fact. US companies are absolutely everywhere in China and make bucketload of cash in the country.
You recall incorrectly. You're describing the situation about 30 years ago, in the early stages of China's opening up. In the intervening time, restrictions have been dropped from most sectors (including the automotive sector - Tesla's Shanghai factory is a demonstration of this).
The Chinese market is open both to direct investment (FDI, which I mentioned above), and to imports of foreign goods. American companies have much greater penetration into the Chinese market than vice versa. It's blindingly obvious if you've been in both countries.