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  HOME | Business & Economy (Click here for more)

Automobile Imports in China Grew 50% after Drop in Taxes

SHANGHAI – Chinese car imports rose 50 percent in July after a drop in tariffs came into force, the General Administration of Customs reported on Saturday.

In July, China imported 165,000 units of cars and chassis, an annual rise of 50 percent, while in terms of US dollars the value of the import vehicles rose 72 percent, up to $7.38 billion.

The increase could be attributed to “pent-up demand,” as Chinese consumers delayed buying cars while waiting for car prices to fall.

An import tariff cut of 1,449 products, including consumer goods and automobiles, from an average of 15.7 percent to 6.9 percent, came into force on July 1.

Imported vehicles had tariffs reduced from 20-25 percent to 15 percent, while auto parts dropped to 6 percent from the earlier 8 to 25 percent.

The automobile sector has undergone significant changes in China in recent months after the government announced in May the lifting of restrictions on investing in the country, enabling foreign manufacturers to operate without the need to have joint subsidiaries.

 

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