China has imported 4.05 mln vehicles since 1978

Shanghai, January 7 (Gasgoo.com) China has imported 4.05 million vehicles since the country launched its reform and opening-up policy in 1978, xinhuanet.com said yesterday, citing a commerce ministry official.

The 30 years of reform and opening-up helped China make its greater economic achievements and expand the imports of vehicles. The emerging country saw its imported vehicles increase to 400,000 units of 2008 from 25,000 units in 1978, an average annual growth of 9.6%.

The official said the Chinese government has cut the imported vehicles tax rate for 19 times since 1992, with the average tax rate down from 129% to the current 18.8%. The tax rate of passenger cars dropped to 25% from 180%-220% in 1992. Meanwhile, lots of non-tariff measures have been eliminated.

China's imported-vehicle market has become one of the most open-end ones around the globe, surpassing Japan to be the Asia's largest market in this sector.

Since China joined the WTO at the end of 2001, its domestic auto industry has developed rapidly, while the share of imported vehicles has slid continually, down to 5% in the market in 2002-2008 from the record 44.5% in 1985.