China's auto imports surge 55.4 percent in first three quarters

China imported 5.43 billion U.S. dollars worth of motor vehicles in the first three quarters, up 55.4 percent year on year, according to latest figures from the General Administration of Customs (GAC).

The country imported a total of 165,000 motor vehicles between January and September, a rise of 43.2 percent on the same period of last year.

The country imported 78,000 sedans in the period, up 44.2 percent year on year. Cross-country vehicle imports grew 37.3 percent to 65,000 units.

Imports from Europe and the United States totaled 88,000 units, compared with 49,000 units from Japan and 26,000 from the Republic of Korea.

Auto analysts attributed the strong growth in auto imports to the revived market demand, reduced tariffs and the appreciation of Renminbi yuan.

Another important factor is that most imported vehicles are high-end products which have no Chinese competition, the analysts said.

Source: Xinhua