China to Cut Import Tariffs to Boost Domestic Consumption

According to the latest news, after the study of the Customs Tariff Commission of the State Council and approved by the State Council, the pilot project for import tariffs cut on consumer goods will be carried out. From June 1, 2015, in an way of provisional tariff, China will reduce the import tariffs on skincare, suits, short boots, diapers and other products, by an average of more than 50%.

These tariff cut products are mainly textile and garment products. Among them, the import tariff on fur clothes will be reduced straight from 23% to 10%; tariffs on cashmere pullovers knitted or crocheted will be reduced from 14% to 7%; tariffs on men's wool coats, capes and similar articles, and women's wool coats, capes and similar articles will be reduced from 16% to 8%; tariffs on men's wool suits and women's wool suits will be reduced from 17.5% linear to 10%.

Meanwhile, the footwear import tariffs will also be reduced, for example, import tariffs on rubber or plastic short boots and other three footwear products will be reduced from 24% to 12%, while tariffs on the footwear of textile materials will be reduced from 22% to 12%. Moreover, the import tariffs on diapers will be reduced from 7.5% to 2%, import tariff on skincare reduced from 5% to 2%.

From the foregoing, this time the import tariffs will be reduced greatly, with an average reduction of 50% in value, even some items’ tariffs decline by more than 50%.

From the announcement of Treasury Secretary tariff policy department, this adjustment is intended to improve consumer goods import and export policies and broaden domestic consumers shopping options, pilots for import tariff cut will be carried out for those daily consumer goods that domestic consumers have great demand for. (www.chinainout.com)