Premier Li Keqiang of the State Council presided over the executive meeting of the State Council on May 30 and decided to reduce import tariffs on consumer goods in a wider range.
The meeting pointed out that further reducing the import tariffs on daily consumer goods will help expand the opening up, meet the needs of the people, and force products to upgrade quality and industrial upgrading. The meeting decided that starting from July 1 this year, the average tariff rate on import of clothes, shoes, hats, kitchens and sports and fitness products should be reduced from 15.9% to 7.1%; the average import duty rate on household appliances such as washing machines and refrigerators should be reduced from 20.5%. 8%; The average tax rate for import tariffs on processed foods such as farmed products, fishery products for aquatic products, and mineral waters fell from 15.2% to 6.9%; the average import duty on detergents, skin care, hairdressing and other cosmetics and some medical health products was 8.4. % dropped to 2.9%. Relevant departments must implement tax reduction measures to prevent profit-sharing for intermediate links, benefit consumers, and boost the competitiveness of domestic industries.
The reporter learned that since 2015, China has lowered the import tariffs on consumer goods four times in a row, namely in June 2015, January 2016, January 2017 and December 1, 2017, this is the fifth time. In the selection of consumer goods, the last four times have mainly selected Chinese residents who have stronger overseas purchase intentions and higher tariff rates, such as skin care products, some clothing, some footwear, some bags, diapers, specialty foods, and cultural consumer goods. .
On December 1st last year, the tariffs on consumer goods fell sharply. China reduced the import tariffs on 187 commodities, and the average tax rate fell from 17.3% to 7.7%. Consumer goods that reduce import tariffs cover food, health products, medicines, daily chemical products, clothing, shoes and hats, household equipment, culture and entertainment, and sundry department stores, etc. A total of 187 8-digit tariff numbers were involved. The average tax rate fell from 17.3% to 7.7%. . It is understood that these consumer goods are closely related to the strong consumer demand, closely related to people's daily lives, and the domestic supply of high-quality products and specialty products that are not available at the moment are conducive to enriching domestic consumption options and guiding the transformation and upgrading of the domestic supply system.
Regardless of whether it was the last tax reduction or this time, its purpose was the same. They were all aimed at expanding opening up and satisfying the needs of the masses.
Limited effect on reducing domestic and foreign price differences
Reducing the tariffs on consumer goods and releasing positive signals for the expansion of imports of consumer goods is conducive to steadily expanding opening to the outside world, promoting the balance of import and export trade, and promoting the transformation of economic growth patterns and sustainable economic and social development.
At the time of the last tax reduction, the person in charge of the relevant department once stated that there are many factors affecting the import of consumer goods, and it is necessary to implement comprehensive policies to increase imports. Tariffs are only one aspect. From the practice had reduced tariffs on imports of consumer goods point of view, for driving-related merchandise imports, tariff reductions can play a positive role in the signal.
Since tariffs are levied on the basis of the price of imports rather than the retail price of the market, the sample shows that the actual amount of the tariff is only 0.5%-7% of the retail price of the goods. Therefore, the direct effect of narrowing the difference between domestic and foreign prices is limited.
Reducing tariffs has created favorable conditions for expanding the import of consumer goods and reducing the import cost of consumer goods. However, the changes in the imports of related products and the selling prices in the domestic market are ultimately determined by the market.
Leaving domestic consumption and taxation in China
The adjustment of import tariffs means that consumers will be able to buy the desired imported products at a lower price in the country.
The direct impact of this policy is to help keep large outflows of consumption in the country. According to data from the World Tourism Organization, foreign tourists spending on Chinese tourists reached 261 billion U.S. dollars in 2016, an increase of 12% year-on-year. Chinese tourists are the most heavily consumed tourists in the world.
Differences in domestic and foreign products have become the main reason for consumer outflows. Experts point out that China's consumer annually in overseas if one-third or two-thirds of reflux, will be able to boost consumption growth by one percentage point. The reduction in import tariffs on consumer goods will increase, helping to further expand domestic demand.
Cao Lei, director of the China Electronic Commerce Research Center, once stated that the adjustment of import tariffs is a direct benefit of the cross-border e-commerce platform, which will reduce the blind spot of Haitao taxation supervision and promote more foreign products to enter the country through formal channels, thus realizing consumer retention. Domestically, the tax stay in the country will also make the quality of the goods and supply chain management more secure.
Reducing import tariffs on consumer goods will intensify competition in the domestic product market through opening up, and will exert pressure on domestic production. This will have a deterrent effect on the transformation and upgrading of domestic related consumer goods industries, and it will also help China's enterprises move toward the high end of the global value chain.
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