China hikes tax on imported luxury cars

China's Finance Ministry has imposed an additional 10 percent import tax on luxury cars in the communist government's latest move to curb ostentatious spending.

The ministry said the latest 10 percent tax is aimed at encouraging "rational consumption" and energy efficiency. It applies to "super-luxury vehicles" priced above 1.3 million yuan ($190,000).

The government of President Xi Jinping has imposed a string of measures since 2013 to discourage official corruption and what Beijing deems excessive spending. They have chilled sales of brandy, watches and other luxury goods.