China will cut import tariffs on 187 items, including food, pharmaceuticals, garments and recreational products, from December 1 to lower costs and stimulate domestic consumer spending. After the cut, tariffs on the products, which include cashmere clothing, will average 7.7 per cent, down from the current 17.3 per cent, according to the finance ministry.
High taxes on imports have raised prices of foreign brands in China pushing consumers to spend more overseas.China will cut import tariffs on 187 items, including food, pharmaceuticals, garments and recreational products, from December 1 to lower costs and stimulate domestic consumer spending. After the cut, tariffs on the products, which include cashmere clothing, will average 7.7 per cent, down from the current 17.3 per cent, according to the finance ministry.#
As people’s consumption demands rise, the tax cuts will benefit the choices available to consumers inside China and help upgrade the domestic supply system, Chinese media reports said quoting a ministry statement. (DS)
ALCHEMPro News Desk – India
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