SHANGHAI, Aug 23 (Reuters) - China's imports of automotive vehicles and components more than doubled in the first seven months of 2003 as the auto industry raced to meet the growing demand of a ballooning middle class.
Automotive imports jumped 109.2 percent year-on-year to $8.19 billion in the year through July. Parts and components imports were worth $5.21 billion over the same period, Xinhua news agency reported on Saturday.
The rise included 105,298 vehicles, a year-on-year rise of 56.2 percent. Of these, 61,400 were cars, up 58 percent, Xinhua quoted the Ministry of Commerce as saying.
Total automotive imports are on track to be well in excess of $10 billion this year, a new high, Xinhua quoted a ministry official as saying.
Imports of vehicles are expected to hit 180,000 units this year against 127,000 vehicles in 2002, state media reported in April.
Rising imports pose a small but significant threat to foreign automakers producing in China, such as General Motors Corp and Volkswagen AG , as well as domestic car makers in a market shielded by high duties on imported autos.
China has pledged to slash tariffs on auto imports to 25 percent by July 2006 from between 40 and 50 percent now and abolish all quotas by January 2005, in line with commitments made upon joining the World Trade Organisation in late 2001.
Annual car sales in China broke the one million mark for the first time last year, surging 56 percent to 1.126 million.
Car output over the first seven months soared 94.8 percent year-on-year to 1.07 million cars -- surpassing the 1.06 million in all of 2002, the State Statistical Bureau said this week.