May 22, 2018 / 8:24 AM / 2 months ago

China to cut tariffs for cars, auto parts from July 1

BEIJING, May 22 (Reuters) - China will cut import tariffs for automobiles and car parts, effective July 1, as part of its efforts to further open up its markets and further spur development of the country’s auto industry, the finance ministry said on Tuesday.

Tariffs for qualifying vehicles would be lowered to 15 percent from either 20 percent or 25 percent currently, while import tariffs for auto parts would be cut to 6 percent, the ministry said.

Reporting by Beijing Monitoring Desk Editing by Jacqueline Wong

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