The Chinese government has decided to cut import tariffs on consumer goods such as cosmetics, shoes, clothes and diapers in June, in a bid to boost domestic consumption amid slowing economic growth.
Import taxes on some products will be lowered by an average over 50 percent, starting June 1, the Ministry of Finance said in a statement on Monday.
Tariffs on imported clothes will be slashed 7-10 percent from 14-23 percent. The levy on imported cosmetics will be reduced to 2 percent from 5 percent and the tax on imported shoes and boots is set to be halved to 12 percent. Import tariffs on diapers will be cut to 2 percent from 7.5 percent.
In April, the State Council said that it was planning to reduce import tariffs on some consumer goods. Chinese consumers are often chose to buy overseas due to the hefty import tariffs.
China’s economic growth had eased to 7 percent in the first quarter, the weakest pace in six years, from 7.3 percent in the previous three months. Retail sales growth eased to 10 percent in April from 10.2 percent in March.
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