China to Cut Import Tariffs on Consumer Goods By July 1
The Finance Ministry of China has announced to slash import tariffs on nearly 1,500 consumer products ranging from cosmetics to home appliances from July 1, a move that would boost imports as a part of efforts to open up the economy.
This move will be in line with Beijing's pledge to its trade partners-including US that China will push efforts to increase imports offering a boon to global brands looking to extend their reach in China.
A detailed list of products that will be affected by the new tax rates has been published by the finance ministry. Import tariffs on footwear, apparel, kitchen supplies will be halved to an average of 7.2 percent from 15.9 percent while refrigerators and washing machines tariffs will be reduced to 8 percent, from 20.5 percent.
Skincare and cosmetic p...