BEIJING, May 22 -- China will cut import tariffs on vehicles and auto parts from July 1, the Ministry of Finance (MOF) announced Tuesday.
For cars, the 25-percent tariff levied on 135 items and the 20-percent duty on four items will both be cut to 15 percent. The items cover passenger cars and certain trucks.
Import tariffs on 79 auto parts will all be reduced to 6 percent from the current levels of 8-25 percent.
"China safeguards a multilateral trade system. Lowering auto import tariffs is a major step to expand reform and opening-up," the MOF said.
After the cut, the average tariff on vehicles will stand at 13.8 percent, and 6 percent on parts. The new rates are "in line with the reality of the auto industry," the ministry said.
China has 178 tariff items of vehicles in total, with an average tariff rate of 21.5 percent currently. It has 97 items for auto parts, with an average duty of 10.2 percent.
After the tariff cut, China's vehicle import duties will be lower than the average for developing countries.
Take passenger vehicles with nine or fewer seats as an example, the tariff will be reduced to 15 percent, compared with 9.8 percent in the European Union, 8 percent in the Republic of Korea, 60 percent in India and 35 percent in Brazil.
"Whether China will continue to cut auto import tariffs depends on the competitiveness and development of the auto industry," said the ministry.
Cutting auto import tariffs to this degree will help supply-side structural reform and the upgrade of the auto industry, bringing greater quality and efficiency, according to the ministry.
It will also enrich the domestic market and meet the demand for more, affordable consumer experiences. Lower duties will increase demand and bring vitality to the economy.
"By cutting these tariffs, many positive effects will be felt in the global economy," said Liu Shangxi, head of the Chinese Academy of Fiscal Sciences.
The cuts are important for trade liberalization, according to Li Xuhong, a researcher with Beijing National Accounting Institute.
Global auto companies will become more active in the Chinese market, and through trade and investment, China could become one of the world's most competitive auto markets, according to experts.
"The tariff cut will undoubtedly bring more pressure to bear on Chinese brands, but China will not waver in continuing its opening-up policy," said Dong Yang, deputy head of the China Association of Automobile Manufacturers (CAAM).
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.
BBC调查:德国是世界上最受欢迎的国家
穷游也能很快乐:10条省钱的旅行小贴士
澳洲男子欲拍灵异现象 却拍到女友与儿子通奸画面
美国4游客冰岛冰川上野餐 遇冰川断裂被漂走
没同情心没关系,冥想训练可助你
后街男孩与大熊猫共度欢乐时光
9岁女童批麦当劳CEO:请不要再欺骗儿童了!
吸烟可以保持苗条?大错特错!
女用安全套:中国女性新的选择
财富十人谈:成功没有捷径,失败不可避免
你知道非处方感冒药的年龄忌讳吗?
婚后生活:婚姻中为何需要独裁者
致那些最愚蠢的面试问题
在中国买不起房?不如去西班牙买个村吧!
汽车驾驶员心目中的11大顶级配置
贝克汉姆退役,小小贝布鲁克林子承父业开启足球生涯
别再骗自己了:这些时间管理的谎言你必须要改
Whether You will Help Others? 你还会热心帮助人吗?
My View on Physical Exercise 体育锻炼之我见
斯德哥尔摩骚乱蔓延 挑战幸福之国形象
经济学家抛出惊人结论:经济萧条有利减肥有益健康
样子酷似希特勒!美国茶壶广告图引争议
效率囧研究:晚上起床尿尿会影响工作效率
最幸福的发达国家:澳大利亚连续第三年获评
《时代》周刊曝光奥巴马高中舞会照片:致总统逝去的青春
NBA推出《永远的科比》宣传短片 有篮球就有小飞侠
见家长也是技术活:什么该穿什么不该穿?
全球权势女性给毕业生的忠告:不要被挫折和恐惧占据
互联网情报搜集秘笈曝光,美国民众可过特工瘾
离职证明:前老板使绊子怎么办?
不限 |
英语教案 |
英语课件 |
英语试题 |
不限 |
不限 |
上册 |
下册 |
不限 |