China will cut import tariffs on nearly 1,500 consumer products ranging from cosmetics to home appliances from July 1, in a bid to boost imports as part of efforts to open up the economy, according to Reuters, says an article from Trend News Agency.
This confirms that China is taking steps to increase imports, and offers a boon to global brands looking to deepen their presence in China. The finance ministry published a detailed list of products affected and their new reduced tax rates on Thursday, following early announcements of the broader plan.
Starting next month, the average tariff rate on 1,449 products imported from most favored nations will be reduced to 6.9 percent from 15.7 percent, which is equivalent to a cut of about 60 percent, the finance ministry said in a statement on its website.
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