China will slash import tariffs on consumer goods including skincare products, Western-style clothes and diapers from June, potentially giving a fillip to global brands and bolstering domestic consumption amid faltering economic growth.
The Ministry of Finance said in a statement on Monday it would lower import taxes for some products starting from June 1 by an average of over 50 percent as an "important measure to create stable growth and push forward structural reform".
The decision follows a statement by China's State Council, the country's Cabinet, in April that it would look to reduce import tariffs on some consumers goods to stoke domestic spending and support the slowing economy at a time when record numbers of cash-rich Chinese tourists are splurging overseas.
To read the full article, please see here.
Aug 14, 20133864
May 16, 20142358
Jun 20, 20142432
Apr 21, 20142306
SmithStreet provides you source for today’s leading business ideas. Our content explores the topics critical to China market today.