China said on Friday it would cut import tariffs on consumer products ranging from meats to deodorants and clothing as part of a drive to cut costs and help stimulate consumer spending domestically.
The measure, which goes into effect on December 1, will promote strong cuts in import tariffs on 187 imported products. High import taxes have traditionally raised the prices of foreign brands in China and led consumers to spend more overseas.
After the cut, tariffs on consumer products – which include food, health supplements, pharmaceuticals and recreational goods and apparel – will average 7.7 percent, against the current 17.3 percent, the Ministry of Finance on your website.
“People’s consumption requirements are increasing,” the ministry said. “Tax cuts will benefit the choices available to consumers in-house, and will help improve the domestic supply system.”
Source: Tourism Journal