China plans to lower import tariffs on daily necessities, in a bid to lower prices for consumers and force domestic industries to become more competitive.
China’s State Council made the announcement Wednesday after a meeting presided over by Premier Li Keqiang.
Import tariffs on clothing, shoes, kitchenware and sports goods will drop from 15.9% to 7.1%. Tariffs on household appliances will fall from 20.5% to 8%. Tariffs on seafood will fall from 15.2% to 6.9%. Tariffs on cleaning products, cosmetics, some medicine and health products will fall from 8.4% to 2.9%.
The State Council ordered the concerned departments to implement the meeting’s decision and prevent middlemen from raising prices to earn profits. This move is expected to benefit consumers and promote competition among domestic industries.
This executive meeting also discussed a range of other issues, such as continuing to make energetic and effective use of foreign capital, promote the opening-up and upgrading of the economy, and establishing a social relief system for handicapped children.