China to significantly cut auto import tariffs from July

A man walks past an auto billboard in Nantong, east China's Jiangsu Province, May 22, 2018. China will cut import tariffs on vehicles and auto parts starting July 1, the Ministry of Finance (MOF) announced Tuesday. For car imports, the 25-percent tariff levied on 135 items and the 20-percent duty on four items will both be slashed to 15 percent, down 40 percent and 25 percent respectively. Import tariffs for 79 items of auto parts will be reduced to 6 percent from the current levels of 8 percent, 10 percent, 15 percent, 20 percent, and 25 percent, down 46 percent on average. (Xinhua/Xu Congjun)