Since June 1, Beijing has reduced import duties on popular foreign goods, in particular on most categories of clothing, footwear and cosmetics. Earlier, import tariffs for products of foreign brands were kept at a deliberately high level in order to stimulate the development of domestic production.
On average, duties will be cut by half. Thus, foreign manufacturers of clothing will pay not 14-23%, but 7-10%, shoes - 12% instead of 24%, cosmetics - 2% instead of 5. This decision will reduce the price gap between products of popular European and American brands in China and others. countries. According to statistics, the Chinese are consumers of 47% of the world's luxury products, but it is precisely because of the economic policy of the country's leadership that 73% of purchases were made by them outside the PRC.