China plans to lower duties on import of a number of consumer goods starting from July 1

China will reduce duties on imports of a number of consumer goods. This will affect a significantly larger number of categories of goods than the decline by almost 200 varieties of goods announced last year, Bloomberg reports referring to unnamed sources. The reduction in duties will affect goods from food and medicine to cosmetics. Earlier, the Ministry of Finance of the People's Republic of China announced the reduction of import duties for cars from 25% to 15% and of import of spare parts to 6% starting from July 1. Chinese President Xi Jinping at the opening ceremony of the Asian Economic Forum in Boao in April promised to continue to open the country's economy, as well as reduce duties on a number of imported goods.

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