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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (19094)	12/20/2004 2:52:52 PM
From: RealMuLan	Read Replies (1) \| Respond to of 116555

China to slash its auto tariffs Beijing, China, Dec. 19 (UPI) -- China will remove quotas on imports of vehicles and spare parts and slash its tariffs further next year, the official China Daily reported Sunday. The move will be made in accordance with China's commitment to the World Trade Organization, the newspaper said. Many people in China believe that after such moves, cheaper, imported cars will flood the country's market, thus leading to a price slump in domestic-made vehicles. However, officials in charge of the auto industry said that the small tariff cuts, good quality of Chinese-made vehicles and a sluggish market in imported cars meant prices would not go down dramatically, the newspaper said. Since China has cut car import tariffs in a step-by-step manner, next year's reduction will not be huge. It will be reduced to 30 per cent from the current 34.2 per cent on engines lower than three liters and 37.6 per cent on more, the China Daily said. On a vehicle costing $20,000, the price difference after the tariff adjustment would be just 8,500 yuan or $1,024, the paper said. washingtontimes.com