China’s imports of vehicles and components more than doubled in the first seven months of 2003 as the motor industry raced to meet the growing demand of a ballooning middle class, Reuters reported.
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Citing the Xinhua news agency, Reuters said automotive imports jumped 109.2% year on year to $US8.19 billion in the year to the end of July while parts and components imports were worth $5.21 billion over the same period.
Reuters said the rise included 105,298 vehicles, a year on year increase of 56.2% and, of these, 61,400 were cars, up 58%.
Total automotive imports are on track to be well in excess of $10 billion this year, a new high, Reuters Xinhua quoted a ministry official as saying.
Reuters noted that state media reported in April that imports of vehicles were expected to hit 180,000 units this year against 127,000 vehicles in 2002.
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By GlobalDataRising imports pose a small but significant threat to foreign car makers producing in China, such as General Motors and Volkswagen, as well as domestic car makers in a market shielded by high duties on imported cars, Reuters said.
The news agency noted that China has pledged to slash tariffs on vehicle imports to 25% by July 2006 from between 40 and 50% now and abolish all quotas by January 2005, in line with commitments made upon joining the World Trade Organisation in late 2001.
