Moving to the auto sector now. Good news if you're in the market for an imported car in China -- or if you're an international automaker, because China cut tariffs last year. Yu Wen tells us more.

China has been working on reducing tariffs on imported autos since it joined the World Trade Organization in 2001. The number of China's imported autos is growing quickly, at a rate of more than 18% last year to hit a total of 1.2 million vehicles. Even if this paints an attractive picture, there are still problems with imports despite plans for a further ten percent tariff reduction, problems which their competitors are happy to point out.

LIN JIAXIN, SALES ACCOUNT MANAGER SAIC FINANCE "Theoretically speaking, reducing tariffs should increase consumer demand for imported vehicles. However, there are many hidden problems with them, like poor after-sales service. Auto sales are not only about the price or the vehicle itself, but more importantly about the whole industry chain including proper servicing. Also many domestic and joint venture car brands are now outperforming their foreign counterparts both technically and in appearance. That's why I personally hold a conservative view about how much impact imported vehicles can have in China."

Moreover, analysts say the further ten percent tariff reduction will not have an immediate or obvious impact on vehicle prices.

AARON GUO, ASSOCIATE DIR. OF AUTO&FINANCE MINTEL "The impact is limited because the final car price contains a lot of taxes not only tariffs but also VATs, car purchasing tax. So the 10% drop in tariffs won't cause a large decrease in the final price, for example the car model priced at around 600k to 700k, the final drop will only be limited to around 40-50k RMB. So that won't be very attractive to the luxury car buyers currently."

In a separate move, the State Administration of Taxation launched a temporary preferential policy last year for cars with an engine size below 1.6 liters. The purchase tax for these cars was reduced to only 7.5%, but now has returned to the previous ten percent. Importers are hopeful that the coming 10% tariff reductions will lead to better sales, however.

XIAO DA, VP SALES PORSCHE CHINA "We see 2017 the import vehicle market is very stable and also a recovery at the terminal sales because of the domestic healthy economic environment. In 2018, in general the market will slow down a little bit because the preferential policy towards the car with engine size below 1.6 litre engine will be completely gone. But if the tariff on imported vehicle will be reduced, we will see a growth trend both in volume and sales in the imported market segment."

The China Association of Automobile Manufactures says auto imports last year were worth 462 billion yuan, while the country exported vehicles worth 126 billion yuan.