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According to data released by the Customs General Administration of China (CGAC), China only imported 14,000 complete vehicles in the first two months of 2005, almost 60% less than that of last year.
Industry experts attributed the slump of auto imports to the abolition of tax exemption on imported autos, the implementation of quality checks on imported brandname cars and the substitution effect of domestically manufactured vehicles.
In fact, China's auto import market had entered a depression in 2004 due to the slowing growth of the auto market, the push by domestic manufacturers to roll out new models, the expansion of production capacity as well as downward pressure on auto prices. The number of complete vehicles (including Completely Knocked Downs) imported in 2004 was 177,100, up only 2.6% year-on-year.
(Chinanews.cn March 14, 2005)
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