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China to cut import taxes on consumer goods

Discussion in 'China Sourcing' started by Jenilee, Nov 28, 2017.

  1. Jenilee

    Jenilee

    Joined:
    Aug 24, 2010
    Messages:
    4,493
    China is cutting the import taxes on almost 200 consumer goods in the aim to increase spending and economic growth.

    From an average of 17.3%, tariffs will be down to an average of to 7.7% on products, including pharmaceuticals, food, health supplements and clothing. This will take effect at the beginning of December.

    grocery-store-2619380_1920.jpg

    This move is part of China’s aim to create a consumption driven economy and to open its economy to the world.

    Doug Lippoldt, chief trade economist at HSBC said, "The reduction of import tariffs on clothing, dairy products, food and other consumer items mean domestic suppliers will have to become more competitive, which will benefit the Chinese economy and consumers in the long run. It would also help Chinese manufacturers if the government looked at the liberalisation of services, such as accountancy, telecoms and IT.”

    The Scotch Whiskey Association is happy with this move and believes that a cut in the tariffs will encourage Scotch whiskey producers to expand.

    Source: http://www.bbc.com/news/business-42107311
    Import Expert likes this.
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