Im­port tax slashed to raise do­mes­tic spend­ing

China Daily (Canada) - - FRONT PAGE -

China cut the im­port taxes on some con­sumer goods by an av­er­age of more than 50 per­cent to en­cour­age peo­ple to spend at home rather than abroad.

The Min­istry of Fi­nance said it will lower im­port taxes on prod­ucts such as West­ern-style suits and fur gar­ments, boots, dis­pos­able di­a­pers and skin care prod­ucts start­ing on June 1. The mea­sure is in­tended to boost im­ports, pro­mote do­mes­tic con­sump­tion and sat­isfy strong con­sumer de­mand for cer­tain im­ported prod­ucts.

The de­ci­sion comes af­ter the State Coun­cil said in April that it was con­sid­er­ing re­duc­ing im­port tar­iffs on some con­sumer goods to stoke do­mes­tic spend­ing.

Record num­bers of mid­dle­class Chi­nese are spend­ing heav­ily over­seas or buy­ing cheaper con­sumer prod­ucts from for­eign web­sites through over­seas shop­ping agents known as daigou.

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