China’s Vehicle Imports Up 72 per cent
Vehicle imports into China totalled 147,000 units in the first eight months of this year, the Xinhua news agency has reported. This is up almost 72 per cent on a year earlier. The imports were worth US$4.84 billoin and most came from Europe, South Korea and the US. Luxury cars and SUVs with engines of over three litres accounted for 49,000 of the vehicles imported. This was up 110 per cent on a year ago. The main buyers of SUVs were described by China’s General Administration of Customs as private mine owners, real estate developers and owners of private entertainment businesses. China lowered import tariffs on cars, cross-country vehicles and mini-buses from 28 per cent to 25 per cent on 1 July.