It's All about Retail
Nov. 7-9th,Qingdao, China

Further reduce import tariffs on consumer goods from July 1

 The State Council executive meeting recently held a decision to reduce the import tariffs on daily consumer goods to a greater extent to better meet the diversified consumer demand of the masses. This is another important measure to continue to expand opening up and meet the needs of the masses after China has reduced vehicle import tariffs considerably.

 
The meeting pointed out that further reduction of import tariffs on consumer goods is conducive to expanding openness and meeting the needs of the masses, forcing product upgrades and industrial upgrading. The meeting decided that from July 1 this year, the average import tariff rate for clothing, shoes, hats, kitchens and sports and fitness products will be reduced from 15.9% to 7.1%; the average import tariff rate for household appliances such as washing machines and refrigerators will be reduced from 20.5%. 8%; the average import tariff rate for processed foods such as farmed, caught aquatic products and mineral water decreased from 15.2% to 6.9%; the average tariff rate for import duties of detergents and skin care, hairdressing and other cosmetics and some medical and health products was 8.4. % dropped to 2.9%. Relevant departments should implement tax reduction measures to prevent the increase in the price of intermediate links, so that the majority of consumers can benefit and promote the competitiveness of domestic industries.
 
Zhang Lianqi, member of the Standing Committee of the National Committee of the Chinese Peoples Political Consultative Conference and managing partner of Ruihua Certified Public Accountants, believes that this is in line with the direction of Chinas residents consumption upgrading, meeting the peoples growing needs for a better life, and helping to attract consumption back, keeping consumption in the country, and increasing the people. The sense of well-being and gains provide a strong “trade force”.