Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
Associate PartnerAssociate Partner
..
News18 » Auto
1-min read

China Working on 'Substantial' Tariff Cut on Imported Cars: Official

China has lowered auto tariffs multiple times since 1986, with the tax rate coming down from 220 percent to the current 25 percent.

PTI

Updated:April 26, 2018, 11:02 AM IST
facebookTwitterskypewhatsapp
China Working on 'Substantial' Tariff Cut on Imported Cars: Official
File photo of Chinese President Xi Jinping. (File photo/Reuters)

China is working on a "substantial" cut on the tariff on imported cars, an official said today, amid an escalating trade dispute with the US. President Xi Jinping had earlier this month had promised to cut import tariffs on automobiles and ease restrictions on foreign ownership in the country's auto industry as soon as possible.

"We will publish (the new tariffs) as soon as possible after finalizing the details," Chief engineer of the Ministry of Industry and Information Technology, Chen Yin said at a press conference.

China has lowered auto tariffs multiple times since 1986, with the tax rate coming down from 220 percent to the current 25 percent. The number of imported cars also witnessed an increase of 16.8 percent, year on year, to 1.22 million in 2017.

"We will scrap caps on foreign shares of new energy vehicle producers this year, and on the makers of commercial and passenger vehicles in 2020 and 2022 respectively," Chen said, adding foreign investors will also be allowed to set up more than two joint ventures.

China has decided to open sectors from banking to auto manufacturing, including manufacturing of ships and planes, and rolled out an array of measures to increase imports.

US President Donald Trump has asked China to reduce its trade surplus by USD 100 billion, cut tariffs on cars and stop forced technology transfers by foreign corporations, among other things. He had also threatened to levy some USD 150 billion of tariffs against China.

Also Watch: Tech and Auto Show | Ep 37 | Hyundai Elite i20, Virat Kohli, Google Pixel 2 & More

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ayushmann Chawla
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results