China imports more cars in 2017

Updated 2018-02-02 10:11:02 Xinhua

China imported more cars in 2017, the China Automobile Dealers Association (CADA) announced on Thursday.

About 1.21 million automobiles were imported, 16.8 percent growth from 2016, the association said.

Some 904,000 cars were bought from dealers, up 0.6 percent, reversing the decline seen in 2015 and 2016.

Parallel imports, vehicles bought from other markets to be sold in China, surged 29.8 percent to 172,000 units. Sports utility vehicles (SUVs) dominated the market, making up 88 percent of the all parallel imports.

Unlike traditional imports, the parallel-import scheme allows local auto dealers to directly purchase vehicles from foreign markets, and the prices of parallel import vehicles, primarily premium brands, are usually 15 percent lower than dealers authorized by auto makers.

There were 22,300 new energy vehicles (NEV) imports in 2017, up 38.2 percent.

Liu He, deputy head of the National Development and Reform Commission (NDRC), said at the World Economic Forum in Davos, Switzerland, in January that China would lower tariffs on imported cars as part of its broader efforts to further open up the Chinese market to foreign goods and services, according to the Global Times.

Currently, the tariff on imported vehicle is 25 percent. Cui Shudong, secretary-general of the China Passenger Car Association, acknowledged that the tariff cut would make high-end models more competitive.

"It would cause a limited negative effect on automobile joint ventures in the short term," Cui said.

Liang Ming, research fellow at the Chinese Academy of International Trade and Economic Cooperation at the Ministry of Commerce, said China would extend imports to balance its foreign trade.

China is shifting toward a consumption-driven economy.

"More automobile imports will also help resolve the contradiction between unbalanced and inadequate development and the people's ever-growing needs for better lives," Liang said.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 23 2019 15:26:36

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 23 2019 15:26:36

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 23 2019 15:26:36

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords