2024 RT Amination Banner.gif

China Daily

News> Business> Content
Friday, November 24, 2017, 17:43
China to cut tariffs on consumer goods
By Xinhua
Friday, November 24, 2017, 17:43 By Xinhua

The photo taken on Aug 18, 2017 shows citizens shopping in Zhengzhou-Europe Block Train exhibition center in Zhengzhou, Henan province. (ZHU XIANG / XINHUA)

BEIJING - China will further reduce tariffs on consumer goods, including food and infant formula, in the third cut since 2015.

Effective next month, the average import tax on some food, health products, medicine, daily chemicals, clothing, footwear, and other products will drop to 7.7 percent from 17.3 percent, the Ministry of Finance (MOF) said Friday in an online statement.

A total of 187 products will be covered

Some types of baby milk powder and diapers will have zero tariffs, according to an MOF list. Woolen overcoats and some seafood will also see substantial drops in tax rates.

A total of 187 products will be covered.

The statement said the reduction focuses on quality and certain products that cannot be produced at home, allowing for more consumer choice and prompt upgrades of the domestic supply system.

The government has been encouraging imports of consumer goods to meet increasing domestic demand.

Tariffs of nearly 300 types of articles of everyday use have gone down during the past two years. Fiscal and financial measures have also been rolled out to stimulate imports.

Share this story

CHINA DAILY
HONG KONG NEWS
OPEN
Please click in the upper right corner to open it in your browser !