China cuts import tax on clothes, other goods to spur consumer spending
{{#rendered}} {{/rendered}}China has announced it will cut import taxes on clothing, cosmetics and some other goods by half in a new tactic to spur consumer spending.
The Finance Ministry said Monday the reductions, which take effect June 1, will be "conducive to a reasonable expansion of imports."
Beijing is the midst of a marathon effort to reduce reliance on trade and investment by encouraging domestic consumption.
{{#rendered}} {{/rendered}}The tariff cuts will apply to clothing, shoes, skin care products, baby food and supplies and kitchen utensils.