Oil companies have already sold and produced lubricating oil in China. However, after China joins the WTO, the level of lubricating oil import duties will further decline. The direct import of lubricating oil will be much larger than the 182,000 tons of 1999 (Customs data). The increase will not only greatly impact the high-grade lubricant market, but will also have a significant impact on the mid-range lubricant market.
After China's accession to the WTO, there will be more international lubricant companies, including small-scale lubricant companies that have not entered China before, entering the Chinese lubricants market in China’s high-growth economy and increasingly relaxed business environment. Or local production, in order to obtain its high rate of return in other international markets.
Lubricants related industries will be greatly affected. Lubricant industry is closely related to the national macroeconomic situation and the development status of related industries such as automobiles, electromechanical and transportation. After China's accession to the WTO, the automobile industry will face severe challenges. By 2 years, the tariffs on imported cars will be reduced from the current average of 80% to 10% to 25%, and the biggest reduction will be in the top few of the WTO. The year will appear; the tariffs on imported auto parts will be reduced from the current average of 24% to an average of 10%, and the import quota for cars will be phased out by 2005. Therefore, there will be more high-end cars and special vehicles directly entering the Chinese market, which will prompt China's auto manufacturers to accelerate cooperation with the world's most advanced technologies, improve efficiency, reduce costs, and accelerate the adjustment of the automobile industry structure and product structure. .
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