Official website of the Ministry of Finance announced that starting from June 1 2015 tariffs on selected imported goods would be slashed by an average of about 50 percent. [Photo: ImagineChina]
Starting from today, import tariffs on clothing, cosmetics, and some other goods in China will be reduced.
The Ministry of Finance said tariffs on selected imported goods would be slashed by an average of about 50 percent.
Import tariffs for Western style suits and furs will be reduced to between 7 to 10 percent, down from 14 to 23 percent.
Taxes on sports shoes will roughly be cut in half to 12 percent.
Tariffs on diapers will drop to 2 percent from 7.5 percent.
International luxury brands are cutting prices in China to counter Chinese consumers' overseas shopping habits.
Gucci has halved the prices of many of its products after a 20-percent cut by Chanel in March.
For more on the import tariffs cut, we're joined on the line by Mike Bastin, director of China Business Center based in London.
