(Yicai Global) Nov. 24 -- China's State Council has approved plans to will adjust customs duties on some imported consumer goods from 17.3 to 7.7 percent from Dec. 1, the Ministry of Finance said on its official website today.
China has gradually reduced import tariffs on clothing, bags, footwear, special food, and pharmaceuticals as well as other consumer goods since 2015 in order to meet the needs of residents to upgrade consumption and increase volumes of imported general consumer goods needed in the everyday lives of people.
On the basis of previous tax reductions, China will continue to reduce customs duties on imported goods, including food, health products, pharmaceuticals, daily necessities, clothing and footwear, household appliance, cultural entertainment products, groceries and other consumer goods, involving 187 8-digit tax numbers, with the average tax rate will be cut to 7.7 percent from 17.3 percent.
The provisional import rate for a variety of formula milk powder products will be reduced to zero from 20 percent, while baby nappies and diapers will also be cut to zero from 7.5 percent. Lip and eye cosmetics, and nail cosmetics will fall from 10 to 5 percent, and from 15 to 5 percent, respectively.