China to cut import tariffs for some consumer goods from most favored nations

BEIJING (Reuters) – China will lower import tariffs for some consumer products from most favored nations from July 1, the finance ministry said on Thursday, as part of efforts to open up the consumer market.

The reduced tariff will apply to 1,449 items, with the average rate dropping to 6.9 percent from 15.7 percent, the finance ministry said in a statement on its website.

The ministry said it would also scrap temporary tariff rates on 210 imported products from most favored nations from July 1.

The news comes a day after China’s state council, or cabinet, said it would reduce import tariffs on a range of consumer goods such as cosmetics, apparel and home appliances to force its industries to upgrade and boost competitiveness.

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