From July 1, China will cut import tariffs on nearly 1500 consumer products.
In a bid to boost imports and bolster the economy, the Chinese government has confirmed plans to cut import tariffs on products ranging from cosmetics to apparel, reports Reuters.
The finance ministry made the announcement on Thursday, alongside a detailed list of products affected and their new reduced tax rates.
Starting on July 1, the average tariff rate on 1,449 imported products will be reduced to 6.9% from 15.7%, which is equivalent to a cut of about 60 percent, the finance ministry said in a statement on its website.
At a State Council meeting on May 30, Premier Li Keqiang said:
“Opening up to the outside world is our country's basic national policy. This point must not be shaken.
“We have actively [expanding] imports to show that China has expanded further. Open determination and confidence. This will not only benefit China but also the world”
Import tariffs for apparel, footwear and fitness products will be more than halved to an average of 7.1% from 15.9%
Cosmetics will also benefit from a tariff cut – from 8.4% down to 2.9%.
These new import tariffs may inspire global retailers to enter the Chinese market, however achieving eCommerce success in China is difficult without careful planning. Chinese online shoppers want brands they can trust, at a low price and with high levels of communication. They also want to pay with their favorite payment method and expect fast delivery times. Failing to provide all of these will result in a bad shopper experience, which must be avoided at all costs.