WORLDWIDE consumer brands were given a boost this week as Chinese government moved to slash import tariffs.
The country’s Ministry of Finance said import taxes for certain products would be lowered by an average of more than 50% from 1 June in an “important measure to create stable growth,” City AM reports.
Import tariffs for Western-style clothing will be reduced to between 7% and 10% from 14% to 23%, while boots and sports shoes will have their levy cut in half to 12%, the ministry said.
Hygiene and cosmetic products are set to drop to 2% from 7.5% and 5% respectively.
Chinese consumers have frequently complained over paying higher prices for goods than in other markets, thanks in part to high import duties, with analysts noting they pay around 20% more for luxury items than European counterparts.
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