New Delhi, May 25 (KNN) In order to encourage citizens for domestic consumption from the local markets, China has drastically cut down tariffs levied on the import of personal luxury items.
 
Starting from June 1, import tariffs on suits and sneakers will be brought down from 14-23 per cent to 7-10 per cent and 22-24 per cent to 12 per cent respectively, according to a report.
 
According to the adjusted policy, import tariffs on cosmetics and diapers will be cut from 5 per cent to 2 per cent, and 7.5 per cent to 2 per cent respectively, state-run Xinhua news agency reported.
 
The adjustments are an important step to stabilise economic growth through benefiting imports, promoting domestic consumption and spurring industrial upgrade, said the report quoting ministry.
 
The move aims towards encouraging the Chinese to buy more from the local markets, instead of foreign markets specially, Japan, South Korea, US and Hong Kong where Chinese tourists have been purchasing cosmetics and luxury goods. (KNN Bureau)