China's import quota for motor vehicles and key automotive parts and components for 2004 has been set at US$10.5 billion, up 15 percent from 2003, according to a government bulletin.

The bulletin, issued Thursday by China's Ministry of Commerce, also said that applications for the quota should be submitted to the ministry from Aug. 1 to 31.

China has pledged to completely rescind quota and license control on imports of motor vehicles, motorcycles and related key parts and components by Jan. 1, 2005.

It has also pledged to lower import tariffs for motor vehicles to 25 percent and that for automotive parts and components to 10 percent by July 1, 2006.

(Xinhua News Agency August 4, 2003)