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China plans to cut import tariffs on some consumer goods from July 1: Bloomberg

China plans to cut import tariffs on some consumer products ranging from food and cosmetics as early as July 1, Bloomberg reported on Thursday, citing unidentified sources.

Published: 24th May 2018 02:29 PM  |   Last Updated: 24th May 2018 02:29 PM   |  A+A-

Imports are seen at a supermarket in Shanghai, China April 3, 2018. (Photo: Reuters)

BEIJING: China plans to cut import tariffs on some consumer products ranging from food and cosmetics as early as July 1, Bloomberg reported on Thursday, citing unidentified sources.

The tariff reductions will apply to more product lines than similar cuts on around 200 items announced last year, Bloomberg said, citing the sources.

The move would be in step with Beijing's pledges to its trade partners - including the United States - that China will take steps to increase imports.

The precise composition of the cuts has not been finalised yet, and is still subject to approval by the State Council, or the cabinet, according to Bloomberg.

The State Council and the finance ministry did not immediately respond to faxed requests for comment.

In March, Premier Li Keqiang said in his annual work report that China will expand imports and lower import duties on automobiles and some everyday consumer goods as part of China's opening up.

Earlier this week, Beijing said it would cut import tariffs on the majority of autos to 15 percent from 25 percent, effective from July 1. Duties on auto parts would be cut to 6 percent from mostly around 10 percent.

The planned tariff cuts on consumer goods will affect food, medicine, health products and cosmetics, among other items, Bloomberg cited one of its sources as saying.

The cuts also would be in line with Beijing's goal of boosting domestic consumption to support growth as the world's second-biggest economy slows.



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