2018年CRI China will significantly cut auto import tariffs from July

 

China will slash¹ import tariffs² for automobiles⁵ and auto⁴ components⁶ by a substantial margin⁷ starting July 1, as part of its efforts to further open up the world's largest car market.

For cars, the 25-percent tariff³ levied⁸ on 135 items and the 20-percent duty on four items will both be cut to 15 percent. The items cover passenger cars and certain trucks.

Import tariffs on 79 auto parts will all be reduced to 6 percent from the current levels of 8-25 percent.

After the cut, the average tariff on vehicles will stand at 13.8 percent, and 6 percent on parts.

The Ministry⁹ of Finance says the new rates are in line with the reality of the auto industry in the country.

The Ministry says whether China will continue to cut auto import tariffs depends on the competitiveness and development of the auto industry.

It says cutting auto import tariffs will help supply-side structural¹⁰ reform and the upgrade of the auto industry, bringing greater quality and efficiency.

Experts say global auto companies will become more active in the Chinese market, and through trade and investment, China could become one of the world's most competitive auto markets.

"From the global perspective, the tariff reduction will play an active role in promoting the global economic growth and employment, and will make direct contribution to the production and employment growth of car exporting countries," says Liu Shangxi, head of the Chinese Academy of Fiscal¹¹ Sciences.

He says the tariff cut is expected to increase competition in the domestic auto industry.

"With this large-scale tariff reduction, the market competition for Chinese auto producers will be further intensified¹². And a catfish¹³ effect will thus be created under such circumstances by reducing the import tariffs on vehicles, as the policy will largely accelerate the transformation¹⁴ and upgrading of domestic Chinese auto producers, and promote the supply-side structural reform of the auto industry," Liu adds.

The Ministry of Finance says it hopes the latest move will help to enrich the domestic market and meet consumers' demand for more affordable¹⁵ consumer experiences.

However, the Ministry has also stressed that tariffs are only one of the factors in car pricing, and whether and by how much prices go down are market phenomena¹⁶.

With lower tariffs, the value-added taxes and consumption taxes on auto imports will decrease accordingly.

At the opening ceremony of the Boao Forum¹⁷ for Asia Annual Conference in April, President Xi Jinping said China will significantly lower import tariff rates for vehicles and take the initiative to expand imports as part of efforts to further open the Chinese economy to the world.

In 2017, China produced more than 29 million vehicles and sold just 120,000 units shy of that figure, up 3.2 percent and 3 percent respectively.

China has remained to be the world's largest auto market in terms of production and sale for nine years. The country imported over 1.2 million vehicles last year.

1 slash   

vi.大幅度削减；vt.猛砍，尖锐抨击，大幅减少；n.猛砍，斜线，长切口，衣衩

参考例句：

• The shop plans to slash fur prices after Spring Festival.该店计划在春节之后把皮货降价。
• Don't slash your horse in that cruel way.不要那样残忍地鞭打你的马。

2 tariffs   

关税制度； 关税( tariff的名词复数 )； 关税表； （旅馆或饭店等的）收费表； 量刑标准

参考例句：

• British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
• The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。

3 tariff   

n.关税，税率；(旅馆、饭店等)价目表，收费表

参考例句：

• There is a very high tariff on jewelry.宝石类的关税率很高。
• The government is going to lower the tariff on importing cars.政府打算降低进口汽车的关税。

4 auto   

n.(=automobile)(口语)汽车

参考例句：

• Don't park your auto here.别把你的汽车停在这儿。
• The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。

5 automobiles   

n.汽车( automobile的名词复数 )

参考例句：

• When automobiles become popular,the use of the horse and buggy passed away. 汽车普及后，就不再使用马和马车了。 来自《简明英汉词典》
• Automobiles speed in an endless stream along the boulevard. 宽阔的林荫道上，汽车川流不息。 来自《现代汉英综合大词典》

6 components   

（机器、设备等的）构成要素，零件，成分； 成分( component的名词复数 )； [物理化学]组分； [数学]分量； （混合物的）组成部分

参考例句：

• the components of a machine 机器部件
• Our chemistry teacher often reduces a compound to its components in lab. 在实验室中化学老师常把化合物分解为各种成分。

7 margin   

n.页边空白；差额；余地，余裕；边，边缘

参考例句：

• We allowed a margin of 20 minutes in catching the train.我们有20分钟的余地赶火车。
• The village is situated at the margin of a forest.村子位于森林的边缘。

8 levied   

征（兵）( levy的过去式和过去分词 )； 索取； 发动（战争）； 征税

参考例句：

• Taxes should be levied more on the rich than on the poor. 向富人征收的税应该比穷人的多。
• Heavy fines were levied on motoring offenders. 违规驾车者会遭到重罚。

9 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

10 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

11 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

12 intensified   

v.（使）增强， （使）加剧( intensify的过去式和过去分词 )

参考例句：

• Violence intensified during the night. 在夜间暴力活动加剧了。
• The drought has intensified. 旱情加剧了。 来自《简明英汉词典》

13 catfish   

n.鲶鱼

参考例句：

• Huge catfish are skinned and dressed by hand.用手剥去巨鲇的皮并剖洗干净。
• We gigged for catfish off the pier.我们在码头以鱼叉叉鲶鱼。

14 transformation   

n.变化；改造；转变

参考例句：

• Going to college brought about a dramatic transformation in her outlook.上大学使她的观念发生了巨大的变化。
• He was struggling to make the transformation from single man to responsible husband.他正在努力使自己由单身汉变为可靠的丈夫。

15 affordable   

adj.支付得起的，不太昂贵的

参考例句：

• The rent for the four-roomed house is affordable.四居室房屋的房租付得起。
• There are few affordable apartments in big cities.在大城市中没有几所公寓是便宜的。

16 phenomena   

n.现象

参考例句：

• Ade couldn't relate the phenomena with any theory he knew.艾德无法用他所知道的任何理论来解释这种现象。
• The object of these experiments was to find the connection,if any,between the two phenomena.这些实验的目的就是探索这两种现象之间的联系，如果存在着任何联系的话。

17 forum   

n.论坛，讨论会

参考例句：

• They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
• The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。