SHANGHAI — In yet another move designed to boost domestic consumption, the Chinese government has revealed plans to cut import duties on a list of 800 consumer products.
According to a release from China’s Ministry of Finance, tariffs imposed on imported bags, garments, sunglasses, suitcases and scarves, as well as many other products, will be slashed as of January 1.
Import tariffs in many cases will be reduced by more than 50 percent, with the rate for plastic and fabric suitcases halving from 20 percent to 10 percent, tariffs on imported leather coats will dive from 23 percent to 10 percent and sunglasses will see a drop from 20 percent to 6 percent.
The new policy gives “domestic consumers more choices in shopping while helping the country expand domestic demand,” the finance ministry said.
The ministry also said China would continue to pursue deeper economic ties with other countries and pursue more free-trade agreements. China and South Korea have agreed to implement their much-anticipated bilateral free-trade agreement from December 20.
In May, the ministry unveiled plans to slash import duties on various items including leather shoes and skin-care products.