April 4, 2019 / 8:15 AM / 6 months ago

China flags support for parallel car imports, used car markets

BEIJING (Reuters) - China’s commerce ministry said on Thursday that it will roll out measures to support the country’s parallel car imports and used automobile markets to boost car sales.

China will expand supply channels to promote parallel car imports and will promote regulations to promote used car transactions, the commerce ministry’s spokesman, Gao Feng, said at a press briefing in Beijing, without giving specific details.

Gao added that recent adjustments made to China’s value added tax rates, which have prompted a string of car makers to lower their vehicle selling prices in the country, are conducive to promote the consumption of automobiles.

Sales of automobiles in the world’s largest car market have contracted for eight consecutive months amid slowing consumer demand.

Reporting by Yawen Chen in Beijing, Yilei Sun and Brenda Goh in Shanghai; Editing by Muralikumar Anantharaman

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