China to lower import tariffs for some consumer goods from most favored nations – finance ministry

China will cut import tariffs for some consumer products from most favored nations from July 1, the finance ministry said on Thursday. The move is part of efforts to open up the consumer market. The reduced tariff will apply to 1,449 items, with the average rate dropping to 6.9 percent from 15.7 percent, the ministry said. It will also scrap temporary tariff rates on 210 imported products from most favored nations from July 1. The news comes a day after China’s state council, or cabinet, said it would reduce import tariffs on a range of consumer goods such as cosmetics, apparel and home appliances to force its industries to upgrade and boost competitiveness, Reuters reported.