The import of vehicles will see an average cut in tariffs that is around 15%
The Ministry of Finance (MOF) has announced that China will cut import tariffs on vehicles and car parts from July 1. In particular, for car imports, the 25% tariff applied to 135 articles and the 20% tariff on four articles, will both be reduced by 15%, respectively decreasing by 40% and 25%.
This means that the import tariffs for 79 auto parts items will be reduced to 6% from current levels of 8%, 10%, 15%, 20% and 25%.
The MOF said that: “China safeguards a multilateral trading system”
The MOF said that: “China safeguards a multilateral trade system. Lowering auto import tariffs is a major step to expand reform and opening-up”.
The adjusted rates will be “In line with the reality of the country’s auto industry”, the ministry said, and, with this action, the average rate of vehicle tariffs will be 13.8%.
The Ministry’s move will also enrich the national market offer
According to the vision of the Ministry itself, the cut in tariffs will significantly help the progress of the structural reform on the supply side, will favor the structural adjustment, the transformation and the updating of the automotive industry.
The ministry’s strategy has also been studied to enrich the offer of the national market and meet the different needs of people. In this way users will have more abundant and economical consumption capacity.
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