China has increased its 2003 import quota for cars and key parts by 15 percent to US$9.125 billion.

The Ministry of Foreign Trade and Economic Cooperation (MOFTEC)said in a statement on Friday that the import quota for automobiles and key parts would be US$9.125 billion in 2003.

The quota for motorcycles and parts would be US$437 million and that for cranes and chassis US$138 million.

According to commitments made by the Chinese government when entering the World Trade Organization (WTO), China will enlarge the quota by 15 percent annually from 2002, and by the year 2005 the import quota license for cars, motorcycles and their key parts will be canceled.

MOFTEC statistics showed in the first half of 2002, imports of automobiles and relevant products surged 17.9 percent to US$3.146 billion and exports soared 25.9 percent to US$1.608 billion year-on-year.

In 2001, Chinese people bought 2 million automobiles, a rise of 16 percent which represents the fastest growth in recent years.

(Xinhua News Agency August 17, 2002)