China to cancel car import quota in 2005
(Xinhua)
Updated: 2004-02-13 16:48

China will cancel its auto import quota starting from January 1 next year, which still remains US$10.49 billion this year, said Vice-Minister of Commerce Wei Jianguo in Guilin on Friday.

According to promises upon China's entry into the World Trade Organization (WTO), China should end the period for protection of the domestic car industry by the end of 2004, and China's tariff rate for imported car units should drop to 25 percent by July 1, 2006, said Wei.

Since China's WTO accession in late 2001, China has been decreasing its car import tariff rate remarkably, he noted, and managing its import quota orderly and transparently.

In 2003, China imported cars and related products worth US$14.45 billion, up 84 percent year on year, customs figures showed. China has become the fourth auto manufacturing country in the world after the United States, Japan and Germany.

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