In a bid to further improve consumption structure and drive Chinese people to spend more at home, Beijing has rolled out a new round of tariff reductions on foreign consumer goods.
According to an official statement released by Ministry of Finance on November 24, China plans to reduce tariffs on 187 consumer goods, including cosmetics, apparel, health supplements, food, and pharmaceuticals. The new policy will go into effect on December 1. The average tax rate will drop to 7.7 percent from 17.3 percent.
