The Import Tariff Of Luxury Goods Is Expected To Be Reduced By &Nbsp.

The Ministry of Commerce said that further reduction of import tariffs is a general trend. Relevant government departments have reached a consensus on this.

The Ministry of Commerce spokesman Yao Jian said yesterday that China will further reduce.

Luxury consumption outflows attract attention

Earlier, it was reported that the outflow of luxury consumption among Chinese tourists was alarming.

According to data released by the World Luxury Association recently, it is estimated that by 2012, China's luxury consumption will exceed 14 billion 600 million dollars, and will surpass Japan as the world's largest luxury consumer.

Yao said yesterday that China will further reduce tariffs on imports, including some of the top and middle grade products.

He said that with China's per capita GDP of more than 4000 dollars, the income of residents continued to increase.

Chen Deming, Minister of Commerce, said earlier that some overseas markets had no customs duties and the distribution system of high-end consumer goods in the mainland and other reasons, resulting in "luxury goods abroad and cheap domestic prices".

According to the introduction, the average tariff has dropped from 15.3% to 9.8% in the ten years since China's accession to the WTO. The Ministry of commerce is studying whether the import tariff rate will be reduced.

Chen Deming also indicated that he personally preferred to further consider and promote tariff reduction.

Trade associations have also focused on the issue of luxury consumption outflows.

Earlier, the China Federation of Commerce appealed to reduce the relevant tax rates on luxury goods and prevent the flow of strong purchasing power in China.

The association called for the reform of domestic consumption related tax rates.

Its domestic

Consumption growth slowed this year.

The Bureau of statistics revealed 14 days that retail sales of social consumer goods totaled 14697 billion yuan in May, an increase of 16.9% over the same period last year, down 0.2 percentage points from April, down 1.8 percentage points from the same period last year.

Before May, the total retail sales of consumer goods increased by 16.6% over the same period last year, down 1.6 percentage points from the same period last year.

The Ministry of Commerce yesterday released a report on the consumption situation in May, saying that the demand for daily necessities is growing steadily, the demand for medium and high grade consumer goods is slowing down, and the sales of household appliances, automobiles and residential goods are stable.

Affected by the international gold market pullback, gold, silver and jewellery demand growth slowed slightly.

In addition, the national automobile sales also fell by 10% compared with the previous month.

Yao Jian said that consumption growth has slowed down since last year, but on the whole, China's total retail sales of social consumer goods have increased rapidly over the past few years.

Therefore, consumption should continue to be the power of economic growth in the process of changing the pattern of national economic growth to demand within the country, especially in the process of changing consumption demand.