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China to cut tariffs on popular imports
Release time:2015-04-29
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China will reduce tariffs on popular imported consumer goods to boost domestic spending, China’s State Council said on Tuesday.

After a meeting chaired by Chinese Premier Li Keqiang, the Chinese cabinet said in a statement there would be a trial run for the policy by June.

“Expanding domestic spending is an important measure to stabilising [economic] growth and restructuring [the economy],” said the State Council.

The statement did not detail what types of products would be covered and the extent of the reductions on duty.

The measure comes after the Chinese economy expanded at a rate of 7.0 percent in this year’s first quarter, the slowest pace since 2009. China’s retail sales also grew 10.2 percent in March, the lowest rate in nearly a decade.

Tuesday’s statement added that more duty-free shops would be set up at ports of entry, and called for adjustments in the current consumption tax policy that importers also face on goods like cosmetics and clothing.