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China to Cut Import Taxes in Bid to Boost Spending at Home

Dec 11 , 2015

China’s consumers love shopping overseas, but their government is trying to entice them to fill up their baskets at home to rev up slowing economic growth.

Chinese officials are lowering the import taxes on a number of consumer goods–ranging from clothing and sunglasses to bags and blankets–starting next year, according to a statement Wednesday by the Ministry of Finance. Tariff cuts will extend to some raw materials and technology parts, the statement said. It did not provide details on how deep the cuts will be.

Officials are looking for ways to boost spending within the country’s borders, where economic growth has been sliding. They slashed import duties once already this year on suits, fur garments and other select items. And they’ve been revving up duty free store openings around the country, opening the world’s largest in the resort town of Sanya.


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