According to Reuters, The Chinese government will significantly lower import tariff on nearly 1,500 consumer products ranging from cosmetics to home appliances from July 1, in a bid to boost imports as part of efforts to open up the economy.
Cosmetics, such as skin and hair products, and some medical and health products, will also benefit from a tariff cut to 2.9 percent from 8.4 percent.
According to Kantar Worldpanel data in recent years, imported cosmetics products have been enjoying very healthy growth: in 2017, the sales value growth of imported cosmetics products, mostly premium ones, reached 40%. Thanks to the new tariff cut, we expect this trend will continue and this sector will be able to maintain a growth between 30% – 40% in the next couple of years. Some typical brands are Lancôme, Estee Lauder, SK II, Dior, Saint Laurent and Shiseido.
In December, China cut import taxes on almost 200 consumer products including food, health supplements, pharmaceuticals, garments and recreational goods to 7.7 per cent on average from 17.3 per cent, the finance ministry said.