Chinese Buy More Luxury Cars after WTO Entry

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Last updated at: (Beijing Time) Thursday, April 18, 2002

Chinese Buy More Luxury Cars after WTO Entry

The first quarter of this year saw 2,000 Mercedes-Benz cars sold in the Chinese mainland and Hong Kong, the company's best quarterly sales performance in the region. Analysts attributed the situation to the Chinese people's fondness for brand products plus a big cut in import tariffs this year.

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The first quarter of this year saw 2,000 Mercedes-Benz cars sold in the Chinese mainland and Hong Kong, the company's best quarterly sales in the region, Beijing Morning Post, a capital-located newspaper, reported Wednesday.

According to the paper, other luxury models also posted big sales in the same period.

Analysts attributed the situation to the Chinese people's fondness for brand products plus a big cut in import tariffs this year.

In line with its WTO commitments, China drastically lowered car import tariffs in January, with luxury cars registering relatively bigger concessions. The import tariff for cars above 3 litres was lowered from 80 percent to 50.7 percent, and from 70 percent to 43. 8 percent for cars below 3 litres.

Mercedes-Benz car sales in the mainland of China and Hong Kong reached 8,000 in 2001, according to the newspaper.

China's Entry into the WTO

China's entry to the WTO is a major event for the country, and the world as a whole.

Governments, business circles and social organizations all over the world have sent congratulatory messages to China's Ministry of Foreign Trade and Economic Cooperation, saying that China's entry will benefit its national economy, as well as encourage global economic growth and the improvement of the multilateral trade system.

Full Coverage: China Embraces WTO

Photo Feature: China's Entry into the WTO

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News Analysis: WTO Entry to Boost Economic Growth in China

China Reduces Tariff Levels

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