World Economy

Import Tax Slashed

Import Tax SlashedImport Tax Slashed

China will slash import tariffs on consumer goods including skincare products, western-style clothes and diapers from June, potentially giving a fillip to global brands and bolstering domestic consumption amid faltering economic growth, Reuters reported. The Ministry of Finance said in a statement on Monday it would lower import taxes for some products starting from June 1 by an average of over 50% as an “important measure to create stable growth and push forward structural reform”. The decision follows a statement by China’s State Council, the country’s Cabinet, in April that it would look to reduce import tariffs on some consumers goods to stoke domestic spending and support the slowing economy.