China Focus: China to significantly cut auto import tariffs from July

By:Xinhua
update:May 23,2018

Dong said domestic auto makers will accelerate transformation and upgrading and grow to grapple with the competition.

"For Chinese consumers, the tariff cuts bring vehicles and services at lower prices," said Xu Haidong, secretary general of the CAAM.

The tariff cut is aimed at increasing competition in the industry to improve its quality and efficiency, and bring car prices down.

However, stressing that tariffs are only one of the factors in car pricing, the ministry said "whether and by how much prices go down are market phenomena."

With lower tariffs, the value-added taxes and consumption taxes on auto imports will decrease accordingly.

In 2017, China produced more than 29 million vehicles and sold 28.88 million, up 3.2 percent and 3 percent respectively, according to the CAAM.

China has remained to be the world's largest auto market in terms of production and sale for nine years. The country imported over 1.2 million vehicles last year.

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