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China to slash import tariffs on automotive parts, vehicles

China to slash import tariffs on automotive parts, vehicles

Mubasher: China will cut import tariffs on some vehicles and car parts, China's Finance Ministry announced on Tuesday.

The decision will be effective starting from 1 July 2018, the ministry added. 

The world's second-largest economy will cut tariffs on cars to 15% instead of 25%, while import duty on auto parts will be slashed to 6%, Reuters reported, citing the ministry as saying.

The step comes along with the Asian nation's efforts to open up the Chinese market to overseas players and enhance further developments concerning auto industry in the country.

The average tax on qualifying vehicles will now stand at 13.8%, according to the Finance Ministry.