China cuts import tariffs from December 1st
In order to further expand its internal domestic spending, China will cut import tariffs on 187 items starting from December 1st 2017.
The Ministry of Finance of the People’s Republic of China issued a statement on Nov. 24th announcing that import duties on different categories of goods would be cut, in order to increase the consumer demand and stimulate the economic growth.
China is the second largest economy by GDP and the largest market by number of potential consumers; in the country there is a growing demand for foreign brands, especially food products and luxury – related goods and the decision to reduce duties highlights the fact that China is no longer the manufacturing hub of the world, but also a strategic market for investors and companies.
The tariffs cut will concern 187 products belonging to different categories of goods, in particular food, beverage, articles of apparel, shoes, cosmetics and pharmaceutical products.