China’s auto trade gap narrows
Preliminary data released by China's Ministry of Commerce show that China's auto exports, including vehicles and parts, rose 38.3 percent year on year to $4.88 billion in the first half of the year. On the other hand, the country's auto imports fell 36.2 percent year on year to $5.54 billion, helping China close its auto trade deficit to $700 million from $4 billion. Market reports indicate one of the major reasons for the decline in imports is Beijing's recently adjusted policy on foreign cars. Under the policy, importers must now pay tax on vehicles as soon as they arrive at ports in China. Meanwhile, domestic made trucks, buses and especially compact sedans are gaining popularity overseas.