China adjusts personal imports tariffs to spur consumption
Starting from June 1, import tariffs on suits and sneakers will be trimmed from 14-23 percent to 7-10 percent, and 22-24 percent to 12 percent, respectively, the ministry said in a statement.
According to the adjusted policy, import tariffs on cosmetics and diapers will be cut from 5 percent to 2 percent, and 7.5 percent to 2 percent, respectively.
The adjustments are an important step to stabilize economic growth through benefiting imports, promoting domestic consumption and spurring industrial upgrade, said the ministry.
Economic growth slowed to 7 percent in the first quarter this year, down from 7.3 percent the previous quarter, and retail sales in April grew 10 percent from a year ago, slightly lower than the 10.2 percent posted in March, indicating more easing measures may be needed to prop up growth. ■