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China plans more support for parallel car imports, used-car markets
Reuters | 2019/4/5

BEIJING -- China's Commerce Ministry said on Thursday that it will roll out measures to support the country's parallel car imports and used-vehicle markets to boost sales.

China will expand supply channels to promote parallel car imports and will promote regulations to improve used-vehicle transactions, the Commerce Ministry's spokesman, Gao Feng, said at a press briefing in Beijing, without giving specific details.

Gao added that recent adjustments made to China's value added tax rates, which have prompted a string of carmakers to lower prices in the country, are conducive to promote the consumption of automobiles.

Sales of automobiles in the world's largest car market have contracted for eight consecutive months amid slowing consumer demand and weaker economic growth.

Parallel auto imports, vehicles bought in other markets for sale in China, have grown in recent years.

Unlike traditional imports, Chinas parallel-import program allows auto dealers to acquire vehicles directly from foreign markets. Prices for parallel imports, most of which are luxury models, are often as much as 15 percent lower than vehicles marketed by franchised dealers. 

China launched a parallel-import pilot in a Shanghai free trade zone in 2015 and later expanded it to other free trade zones in Fujian, Guangdong and Tianjin. 

Automotive News China contributed to this report.

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