50% tariff cut to boost consumption
Print Edition
CHINA will cut import tariffs by about 50 percent for some consumer goods in June to boost domestic consumption.
Tariffs for imported skin-care products will be slashed from 5 percent to 2 percent, diapers from 7.5 percent to 2 percent, leather boots from 24 percent to 12 percent, and woolen suits from 17.5 percent to 10 percent, the Ministry of Finance said in a statement yesterday.
Tariffs for fur clothing, cashmere jumpers and sneakers have also been halved to between 7 and 12 percent.
“Chinese consumers are very interested in buying clothing, shoes, cosmetics and diapers from overseas,” the ministry said. “Lower tariffs for such products will help raise imports, upgrade domestic consumption, and meet various needs of consumers.”
The State Council, China’s Cabinet, decided in late April to cut import tariffs as the country seeks to boost domestic consumption as more wealthy Chinese tourists shop abroad.
But Zhang Junwei, a researcher with the Development Research Center of the State Council, noted that cutting import tariffs alone could only have limited effect in bringing consumption home as the tariffs comprise a small part in the final prices of products.
Value-added tax, consumption tax, distribution costs and the brand’s pricing strategy play a greater role in prices of imported goods, experts said.
China has so far cut import tariffs for some infant food, medicine and camera lens.
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