China: Tariff reduction for automotive on 01/07/2018

China will reduce the customs duties from 139 items to 15%, down from the current duties by 20 and 25%.

Those of 79 articles automotive parts be reduced to 6% compared to the current rates of 8, 10, 15, 20 and 25%.

The average rate of customs duty will thus increase from 21.5% to 13.8% on the imported vehicles, and from 10.2% to 6% on automotive parts.

According to the Chinese Ministry of Finance, the reduction of customs duties on imports of Motor vehiclesis one of the new measures to expand the process of reform and opening up the country to multilateral trade.

The reduction in tariff barriers to imports on spare parts from third countries will also allow the Chinese automotive sector to supply low-cost high-end components to produce better quality vehicles.

Source(s): http://english.gov.cn/