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BMW and Toyota Motor were among global automakers that received some good news from China after President Xi Jinping reiterated a pledge to reduce import tariffs on vehicles this year, heeding decades-long pleas from companies seeking better access to the world's biggest auto market.

China will "significantly lower car import tariffs" and "sincerely hopes to boost imports," Xi said in a speech at the Boao Forum in Hainan on Tuesday.



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China Caves And Will Open Market And Reduce Tariffs On Automakers

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