NEWS

China Seeks Economic Growth By Cutting Import Tariffs

In an effort to drive economic growth, China has announced its cutting of import tariffs on a wide range of consumer goods including cashmere clothing, whiskey, avocados, mineral water, baby carriages, among many others.

China has recently come under pressure from many countries including the United States and the United Kingdom for easier access to its domestic market.

The cut beginning next month will affect a range of over 187 products.

According to the Finance Ministry, tariffs will drop from an average 17.3 percent to 7.7 percent.

In China, foreign products are often viewed as higher quality, safer or cheaper.  This has fueled a spending boom by Chinese tourists on basic goods including shoes, cosmetics, and infant formula.

The latest changes are meant to “enrich domestic consumption choices,” according to a Finance Ministry statement.

Yvad Billings, Readers Bureau, Fellow

Edited by Jesus Chan

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