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China lowered import tariffs

As shown of data, the total retail sales of consumer goods in Year 2016 is 33.2316 trillion, increasing by 10.4% compared with last year. Among which, retail sales of enterprises or units above designated size is 15.4286 trillion, increasing by 8.1% compared with last year. Among commodity retail sales, the retail sales of garments, shoes, hats, knitwear and textile enterprises or units above designated size is 1.4433 trillion, increasing by 7.0% compared with last year. Obviously, with constantly increasing of GDP, the big market-China, has become to be one of the main consumers of global shoes, hats and garments.

Recently, according to the announcement released by the Tariff Policy Committee of the State Council, from 1st Jul. 2018, China lowered 1,449 daily consumer goods’ import tariffs. The average import tariffs of shoes, hats and garments is decreased from 15.9% to 7.1%, which serves multiple purposes that not only be consistent with China’s residents consuming upgrading and satisfy people’s increasing demand for better life, but also can help attract the return of consumption to keep it in domestic market.

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