China has announced to reduce the import duty on huge quantities to increase consumer demand and accelerate economic growth. The information was released in a statement released by Chinese Ministry of Finance on Friday.
According to the plan, the import duty on 187 types of products will be reduced. The existing tariff for these products will be reduced from 17.3 percent to 7.7 percent. As a result, products made from Procter & Gamble children from Diapara to expensive drink whiskey will become more affordable in the Chinese market. That means, buyers of Chinese are quality and are not manufactured in the local market - they can buy products at a more affordable price.
This will be effective from December 1. Chinese citizens buy Namdami products every year through foreign travel. So China decided to encourage the purchase of goods at a reasonable price at the cost of living in the country.
China has been criticized for a long time because of not taking enough steps to increase the import. The country's president, C China Ping, who took charge of the new era, urged the people to meet the needs of the people for improving the lives of the people as well as to bring the best quality products in the world. Basically, due to these reasons, the country has taken steps to reduce the import duty. Analysts say that this is the first step towards the consumption economy, which is China. The world, especially the United States, was given a message that China is going to enter the open market. US President Donald Trump has been criticizing China's existing trade policy for a long time and stressed on reducing US deficit with the country.
In China, there is a growing demand for domestic and foreign brands, especially in the case of food products. Economists believe that the decision to reduce duty on imported products is very positive and the government's progress will continue.