China introduces big cuts in import tariffs to stimulate growth

Irish manufacturers of skincare products, nappies or Western-style clothes or shoes, take heed. From this month, China will cut import taxes on a range of overseas goods by an average of 50 per cent in a bid to boost global brands in China and also give a lift to domestic consumption in the world's second biggest economy.

Last week, the Ministry of Finance said it would lower taxes on these categories of imports by about 50 per cent as an "important measure to create stable growth and push forward structural reform".

The economy slowed to a six-year low of 7 per cent in the first quarter.

As reported in Asia Briefing, Chinese tourists are becoming a major component in global consumption, and now the Chinese government is concerned that they are not spending at home, but waiting until they go abroad to splash the cash.

Imported goods are much more expensive than they are in Hong Kong, for example, and are about 20 per cent higher than in Europe on average.