|
|
China working on substantial cut in auto tariffs: Official
|
|
|
|
Top Stories |
|
|
|
|
IANS | 25 Apr, 2018
China is working on what will be a "substantial" tariff reduction for
imported cars, an official said on Wednesday, as the country is making
more efforts to boost imports and further open up domestic markets.
"We
will publish (the new tariffs) as soon as possible after finalizing the
details," Chen Yin, chief engineer of the Ministry of Industry and
Information Technology, said at a press conference.
China lowered
auto tariffs multiple times since 1986, with the tax rate down from 220
per cent to the current 25 per cent. The number of imported cars
increased 16.8 per cent year on year to 1.22 million in 2017, Xinhua
news agency reported.
Plans were also released to remove
restrictions on foreign investment in China's auto industry. "We will
scrap caps on foreign shares of new energy vehicle producers this year
and in makers of commercial and passenger vehicles in 2020 and 2022
respectively," Chen said.
"Foreign investors will also be allowed to set up more than two joint ventures."
Easier
market access in the car industry is part of the country's broader
opening-up push. China has rolled out an array of measures to facilitate
imports and is prepared to further liberalize services and sectors,
including manufacturing of ships and planes.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|