China slash tax on imported consumer goods by more than 50%

China are reportedly about to slash tax on imported consumer goods by more than 50%

China has announced a reduction in tariffs on these types of imported consumer goods by over 50% on average, to encourage and bolster the national Chinese market for imported products. The move was labelled an "important measure" by the Ministry of Finance.

The BBC reports that China is looking to counter the fall in domestic demand that has contributed to the country's slowest growth rate in six years.

Many Chinese consumers shop abroad for foreign products, as imported goods in China suffer prohibitive tariffs that make the prices soar for consumers when buying from local department stores.

The rate changes came into effect on June 1.

Tax changes on selected imported consumer goods in China

The reductions in tariffs are significant