Bag a bargain: China to cut import duties on luxury items including foreign-made bags and garments
Beijing will cut import duties on more consumer products such as suitcases and sunglasses from January to boost domestic demand, following a similar move last year.
The tax cuts are aimed at making foreign-made daily necessities and luxury goods cheaper for local consumers and at spurring the economy by encouraging shoppers to make such purchases locally.
Tariffs imposed on foreign-made suitcases, bags, garments, vacuum-insulated cups, scarves and blankets would be reduced, the Ministry of Finance said yesterday, adding the import tax on camera parts would be slashed from 15 per cent to 3 per cent.
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It also said some export taxes would be cut - such as those on steel billets.
The move should benefit mainland shoppers, providing importers and retail stores pass on the savings in the form of lower prices.
It aimed at giving “domestic consumers more choices in shopping while helping the country expand domestic demand,” the finance ministry said. The new tax rates would become effective from January 1, it said.
In May, the ministry said it would slash import duties on various items including leather shoes and skincare products.
