Im­port tax cut on some goods to spur con­sump­tion

China Daily (Canada) - - FRONT PAGE -

China cut im­port taxes on cloth­ing, cos­met­ics and some other goods start­ing on Mon­day to boost do­mes­tic con­sump­tion.

The lat­est cuts to im­port du­ties will re­duce fis­cal rev­enue while boost­ing do­mes­tic con­sump­tion, said ViceFi­nance Min­is­ter Shi Yaobin at a press con­fer­ence.

The Min­istry of Fi­nance said that it will slash du­ties by half — on av­er­age — on suits, fur gar­ments and shoes. A tar­iff on cos­met­ics will fall to 2 per­cent from 5 per­cent, while a duty on di­a­pers will decline to 2 per­cent from 7.5 per­cent.

The cuts will re­duce fis­cal rev­enue, said Shi.

With strong pur­chas­ing power, Chi­nese main­land trav­el­ers of­ten buy goods as di­verse as di­a­pers and hand­bags abroad to avoid im­port and con­sumer taxes back home.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.