China Slashes Import Tariffs on Consumer Goods

Beginning December 1st, 2017, The Ministry of Finance has stated that there will be a cut on import tariffs on a diverse range of consumer products. This initiative comes as an effort to facilitate the increasingly varied domestic demand and to aid the “consumption upgrade”. As foreign imported good are seen as higher quality and safer than locally produced products, they are currently more desirable to consumers hence, and this initiative is hoped increase consumer spending.

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