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BEIJING – 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.
The tariff cuts will apply to clothing, shoes, skin care products, baby food and supplies and kitchen utensils.
