China to cut import duties on necessities and luxury items

From 1 January 2016 China will reportedly reduce import duties on more consumer products in order to boost domestic demand. These tax cuts are designed to ensure that foreign-made daily necessities and luxury goods become cheaper for local consumers, providing greater overall shopping choice and helping to spur on the economy by encouraging purchasers to buy some items locally on the mainland. The Ministry of Finance of the People's Republic of China, Beijing, stated on 9 Wednesday December 2015 that tariffs imposed on foreign-made items such as suitcases, bags, garments, blankets and camera parts would all be reduced. Chinese shoppers are the world’s biggest spenders on luxury items, often purchasing imported food and electronics due to higher quality and safety levels. From 20 December 2015, China and South Korea have reportedly agreed to implement a bilateral free-trade agreement. According to the Ministry of Finance, China also hopes to deepen economic co-operation and pursue free trade agreements with other countries.

Foreign-made bags are among the items Beijing is to cut import tariffs on.