The State Council of China decided to lower the duty on the import of cars from 25%, operating for more than 10 years, to 15%, Bloomberg reports with reference to informed sources. Decrease in the duty on import of cars is a favorable factor for the automakers of the USA, Europe and Asia. Luxury car manufacturers will benefit most he reduction in duties, since their production is represented in China to a lesser extent than the production of cheaper cars. In April this year, the Chinese authorities announced plans to lift restrictions on the share of foreign companies in local joint ventures to produce cars by 2022. In 2018, China intends to abolish the limits on the share of foreigners in joint ventures manufacturing cars that operate on new fuel sources.
China cuts benchmark lending rate to support virus-hit economy20.02.2020
S&P and Nasdaq close on record gains amid hopes on new China stimulus17.02.2020
Asian shares inch up to three-week highs on China’s support measures14.02.2020
Honda to resume auto production in China plants on February 21