Date
28 May 2017
China is reducing the tariffs on some imported goods including milk powder. Photo: Bloomberg
China is reducing the tariffs on some imported goods including milk powder. Photo: Bloomberg

China cuts tariffs on selected goods to boost consumption

China is reducing tariffs on some imported goods, including necessities, in a bid to stimulate domestic consumption, the Ministry of Finance said.

Tariffs will be reduced on luggage, scarves, sunglasses, rugs, vacuum mugs and other consumer products, the Hong Kong Economic Journal reported on Thursday.

Tariffs on milk powder for young children will be reduced to 5 percent from 15 percent while infant formula powder will be cut to 5 percent from 20 percent.

Tariffs on diapers will be lowered to 2 percent from 7.5 percent.

The move is expected to boost economic growth and industrial upgrades, analysts said.

China is also reducing by 5 percent the tariffs on 27 categories of environment-related goods in accordance with its pledges under the Asia-Pacific Economic Cooperation.

These goods include sludge drier, combustion furnace, solar water-heater and wind turbine.

[Chinese version中文版]

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